The lacklustre capesize bulker market may soon get a boost from higher volumes of iron ore from Brazil to Asia, according to Clarksons Securities.
Average spot rates for capesize bulkers have remained below $20,000 per day since mid-May and have fallen significantly since mid-August, but they may get a $10,000-per-day shot in the arm from higher Brazilian ore exports.
The Baltic Exchange’s Capesize 5TC basket of spot-rate averages across five key routes has fallen 31% since 16 August to $9,375 per day on Friday, marking its first dip below $10,000 per day since early June.
