Star Bulk Carriers chief executive Petros Pappas has summed up in two words why panamax spot rates have trumped capesize rates over the past two weeks: ocean imbalance.
The Baltic Exchange's panamax 5TC,a weighted average of spot rates on five key routes, has surpassed the capesize 5TC since 2 February, when panamax rates came in at $14,615 per day and beat those for capesizes by $562 per day.
