Capesize rates hit 2023 high despite Golden Week as dry commodities stay on the move

Capesize bulkers reached their highest point of the year on Tuesday as exports of dry bulk commodities remain robust, despite China taking a break for the Golden Week holiday.

The Baltic Exchange’s Capesize 5TC basket of spot rate averages across five key routes has risen 12.1% since Friday to just under $23,000 per day on Tuesday, though China’s factories shuttered this week for the country’s weeklong celebration of its founding in 1949.