The capesize bulker market reached its highest mark since last October in an ongoing rally driven mostly by China's demand for iron ore.
The capesize 5TC, a weighted average of spot rates across five key routes, on Friday gained 2.8% to $34,762 per day, achieving a level not seen since 6 October 2020 when it hit $34,896 per day.
"Cape spot earnings gained further today, reaching $34,800 [per] day, up 22% on the week and 82% last month," Clarksons Platou Securities wrote in its daily dry bulk shipping note.
