Capesize rates continued their steady fall on Wednesday as supply keeps outweighing demand in a market stunned by the Covid-19 pandemic.
The Baltic Exchange Capesize Index fell from 123 on Tuesday to -17 on Wednesday, while the weighted time-charter equivalent (TCE) average for the large carriers slid from $2,893 per day to $2,082 per day.
Cape earnings have dropped over the past few weeks from last month's high of $10,081 per day achieved on 20 April.
