According to analysts at Global Hunter Securities capes were commanding roughly $19,100 per day on average, which represents a daily decline of nearly 14%.
In a member briefing the Baltic Exchange described the crash as “a substantial hit” that impacted tonnage in both the Atlantic and Pacific but offered no explanation.
The organisation did, however, note owners involved in the carriage of iron ore from Western Australia to China “appeared keen to fix” despite what it described as a “reasonable volume of cargoes” in this corner of the market.
One
