Futures for capesize bulkers moved sharply higher on Tuesday as once-rallying spot rates plateaued for a third-straight trading day.
Baltic Exchange assessments of the forward freight agreement (FFA) market showed June contracts for capesizes rising 8.9%, or $3,275, during the day to reach just over $39,800 per day.
But Tuesday’s FFA gains came as spot earnings on the Baltic Exchange’s Capesize 5TC rate basket were essentially unchanged at nearly $32,800 per day.
