When supply of capesize tonnage ran short in the Atlantic and Pacific basins last week, spot rates and freight derivatives shot for the moon — and have kept going.
Average capesize spot rates have advanced by 25% over the past week and forward freight agreements (FFAs) for October are trading about 32% higher than last Wednesday.
In the physical market, China has been topping up its iron ore and coal stockpiles ahead of a week-long public holiday in early October.
