Spot rates for capesize bulkers took this year's second-biggest tumble in a week amid a confluence of market headwinds that have sent them deep into correction territory.
The capesize 5TC, a spot-rate average weighted across five key routes, plummeted 23.2% over the seven-day period to $64,417 per day after taking an 8.2% dive on Friday alone.
"Actually, it is not surprising," John Kartsonas, founder of asset-management firm Breakwave Advisors, told TradeWinds.
