Average spot rates for all bulker sizes wandered into or came very close to correction territory during a week that market experts have described as stolid at best.
The capesize 5TC, which considers rates on five key routes, slid 22.5% over the past seven days to $11,979 per day, according to Baltic Exchange figures.
“Overall it was not a very active week, with limited fresh cargo support from either of the basins,” Baltic Exchange analysts wrote on Friday in their weekly take on dry bulk shipping.
