Capesize spot rates have reached their highest level in weeks following a strong week amid China's unrelenting hunger for premium iron ore.
The weighted time charter equivalent (TCE) average for the massive vessels jumped 53.4% in the past seven days to reach $24,178 per day on Friday, according to Baltic Exchange assessments.
Capesize rates are still unremarkable despite the upward swing, according to Rebecca Jones, a research analyst with London-based brokerage Alibra Shipping.
