Capesize spot rates fell nearly 10% on Wednesday, continuing a second week of steady decline amid oversupply in the Atlantic basin and seasonality.
The capesize 5TC index, a weighted average of time charter spot rates on five key routes, slid to $12,802 per day from $14,053 on Tuesday, according to Baltic Exchange assessments.
The ships were trading at $25,515 per day on 21 January, but rates have fallen since then as owners congregate in the Atlantic basin to avoid rates in the Pacific basin that have dropped amid lower...
