Capesizes have caught up with smaller bulkers and could regain their hold in spot market

The dry bulk market has been moving from strength to strength in 2021, after a prolonged period of stagnation.

Earlier this year, I questioned if this was going to be the year of smaller bulkers as the sector experienced the most impressive gains in time charter rates — more than doubling since the start of the year.

However in early May, one-year rates for capesizes were at their highest levels in seven years and the Baltic Capesize Index (BCI) hit levels not seen since 2010.