Spot rates for capesize bulkers dropped further on Wednesday as China’s hurting real-estate industry continues to put the brakes on turning iron ore into steel for buildings.
The Baltic Exchange’s Capesize 5TC, a spot-rate average across five benchmark routes, declined 14.7% during the day to reach $5,636 per day, its lowest point in more than two years, when it came in at $6,177 per day on 4 June 2020.
