The spot rate for a benchmark transpacific voyage for capesize bulkers fell off a cliff on Wednesday, pushing this dry bulk sector into a second straight day of major losses.
The figure for the C10 transpacific round voyage, which takes iron ore from Western Australia to China, plunged 34.5% to $22,021 per day, according to Baltic Exchange data.
The capesize 5TC, which calculates an average spot rate from this and four other key routes, fell 17.4%
