Spot rates for capesize bulkers plunged for a third consecutive week, but there is still room for optimism, according to market experts.
The capesize 5TC, a spot-rate average weighted across five key routes, dropped to $36,065 per day on Friday, a seven-day slump of 30%, according to Baltic Exchange data.
This rapid decline represents a 58.5% drop since rates peaked at nearly $87,000 per day on 7 October, when traders were trying to take advantage of high commodity prices that have since cooled down.
