Capesize rates are making a healthy comeback amid growing demand for sending iron ore from Brazil to China, according to analysts.
Capesize spot rates have jumped 34% to $18,287 per day since 13 June, according to Baltic Capesize Index, on heightened need driven partly by pending return of Vale's Brucutu mine, Jefferies analyst Randy Giveans said.
"Last week, Vale announced that the Superior Court of Justice has reversed a decision that forced Vale to suspend operations at its Laranjeiras dam," he wrote today in a client's note.
