Capesize bulker rates dropped by almost a third on Tuesday as a result of market seasonality and oversupply in the Atlantic basin, according to a broker.
The Baltic Exchange’s Capesize 5TC basket of spot-rate averages across five key routes declined by 28.5% to $3,167 per day, falling below $3,200 per day for the first time since late August.
The average spot rate for the C8 transatlantic roundtrip voyage from Brazil to Europe dropped 54.1%
