Dry bulk shipping’s capesize segment reversed some of the prior week’s upward momentum in average spot rates as China’s manufacturing sector continued to weaken for the third straight month.
The Baltic Exchange’s Capesize 5TC basket of spot-rate averages across five key routes declined to $14,100 per day on Friday, an 18.1% drop from a week earlier. That took a bite out of a 36% hike in average spot rates that was achieved during the previous week.
