Capesize bulker spot rates plummeted by more than one-third over the past week as sluggish demand ushered the sector into bear territory, analysts said.
The Baltic Exchange’s Capesize 5TC basket of spot-rate averages across five key routes dropped 37.4% over the past seven days to about $18,500 per day to reach its lowest point since mid-May.
Average spot rates cascaded in the Atlantic and Pacific basins as trading was slow in both regions, Baltic Exchange analysts said on Friday.
