Capesize spot rates slid in the latter half of the week amid meagre chartering activity, according to brokers.
The weighted time charter equivalent (TCE) average for the big ships moved sideways from $18,479 per day last Friday to $18,606 per day on Wednesday, before dropping to $15,550 per day, according to Baltic Exchange assessments.
"The capesize market was grasping for a bullish story this week as a possible mid-week rally fell flat," the exchange said in its weekly wrap-up on the dry bulk market.