The market for capesize bulkers has fallen to its lowest level in six months as Brazil's rains and operational problems at iron-ore mining giant Vale continue to hurt rates, brokers say.
The time charter equivalent (TCE) average for the ships slid to $10,607 per day on Tuesday from $11,766 per day on Monday, according to Baltic Exchange assessments.
This latest drop marks the first time that TCE rates fell below $11,000 per day since mid-June after they hit 2020 highs in early July and October.
