- China restocking sees capesize rates on the rise.
- Capesize 5TC average hit $7,915 per day on 15th April, up by 41% week on-week.
Capesize rates recorded impressive gains in recent days, finally approaching breakeven levels, reports Splash 247.
Impressive gains
China restocking has seen capesize rates post impressive gains in recent days, finally approaching breakeven levels.
The Baltic Exchange capesize 5TC average hit $7,915 per day on 15th April, up by 41% week on-week.
Capesizes still steaming
Brokers Braemar ACM note that capesizes are still steaming at around 11.2 knots on average.
According to AIS data, it is around 0.4 knots slower than they were going on January 1, despite bunker prices being almost a third now.
Increased iron ore restocking
Braemar ACM highlighted how cape rates have been positive relative to other dry bulk sectors in recent weeks:
- increased iron ore restocking activity in China and
- a 36% month-on-month decline in Brazilian port congestion.
Brokers Lorentzen & Stemoco said, “Interest for Capesize bc is definitely on the rise, particularly in the Atlantic from Brazil and South Africa.”
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Source: Splash 247
