Capesize rates have climbed out of the pit since April and stocks have responded in kind.
However, with rates for capesize bulkers touching $15,000 per day last week analyst Jonathan Chappell believes the best of the bounce has passed for now.
“We expect rates to essentially flatten out at this point with likely volatility from month to month bringing rates below current levels and also potentially slightly higher at some point in what has historically been a seasonally stronger fourth quarter,” he said in a report.
