What a difference a week makes — but not in a good way for the capesize market, as physical rates and futures sink lower.
The Baltic Capesize Index dropped by 9% on Monday, falling below $17,000 per day.
The freight derivatives market saw a deep sell-off, clawing back some gains towards the end of the day — possibly on the back of news that tariffs would be paused, which turned out to be “fake news”.
