Capesize rates have fallen like a stone in the past month amid Europe's lower demand for iron from Europe that outweighed China's insatiable hunger for the commodity.
The weighted time charter equivalent rate for these vessels has plummeted from a peak of $34,896 per day on 6 October to $12,282 per day on Monday.
"In contrast to the extraordinary growth in this year’s iron ore imports into China totalling 97m tonnes in the first 10 months, latest confirmed trade data quantify the year-on-year losses into other leading importers," broking house Simpson Spence Young (SSY) wrote in a monthly dry bulk shipping report.
