Average spot rates for larger bulkers have fallen as supply exceeded demand in most places throughout most of the past week.
The Baltic Exchange’s Capesize 5TC set of spot-rate averages across five key routes dropped 26.6% over the past seven days to $9,735 per day on Friday, falling to its lowest point since early June.
“Overall, the week encapsulated a mixed performance in the capesize market, with varying degrees of activities and sentiment shifts across the Pacific and Atlantic regions,” Baltic Exchange analysts wrote on Friday in their weekly wrapup on the dry bulk market.
