Average spot rates for capsize bulkers plummeted by a third over the past week as Asia celebrated the week-long Chinese New Year holiday.
The Baltic Exchange’s Capesize 5TC basket of average spot rates across five key routes dropped 31.2% over the seven-day period to $4,443 per day, falling to its lowest level in nearly five months.
Rates for two benchmark iron ore routes fell the most over the week, reflecting China’s lower demand for the commodity as its steel industry and other sectors break for the Lunar Year festivities.
