Capesize rates continued their upward climb on Wednesday as owners hold the line on fixture pricing and iron-ore prices remain above $100 per tonne.
The daily weighted time charter equivalent (TCE) average for the iron-ore carriers jumped 7.4% on Tuesday to $28,657 per day, according to Baltic Exchange assessments.
"The robust iron ore price, which has stayed above $100 per metric tonne for over three weeks now, still provides the main force for the freight uptrend while the seaborne coal shipping demand has been depressed by the depleting Chinese import quotas, market players said," Clarksons Platou Securities wrote in a note.
