According to the Baltic Exchange day rates for tonnage trading in the spot market topped $11,800 on average, which represents a daily gain of approximately 8%.
While some industry forecasters are confident that levels will continue to rise in the days to come others fear the capesize sector is going to lose steam as the weekend draws closer.
When asked about the significance of the recent surge in freight rates researchers on both sides of the debate agreed the rally serves a well-timed reminder that earnings are expected to soar significantly in the second-half, which is well underway.
Jeffrey
