Panamax bulker spot rates have done something since the beginning of February that they usually do not do.
They have outperformed capesize rates, which have fallen 56% since 20 January amid seasonality and weather-related mining disruptions in Brazil and Australia.
The panamax 5TC, a weighted average of spot rates on five key routes, on 2 February rose to $14,615 per day while its capesize counterpart fell to $14,053 per day.
