Capesize spot rates slid substantially on Tuesday, continuing a downward trend that sector experts are chalking up to seasonality more than anything else.
The weighted time-charter average (TCA) for capesize bulkers has declined 18.8% since Thursday to $20,707 per day, according to Baltic Exchange assessments.
The spot rate for the benchmark Brazil-China round voyage dropped 20% during the same time frame to $15,027 per day.
