April 2024

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23-April-2024

Spot rates for capesize bulk carriers have seen a sharp decline of 13% in just two days, as mining companies have reduced their activities in the fixtures market. On Tuesday, average spot rates for capesize bulk carriers were adjusted downwards by $2,021, setting the daily rate at $20,389. This significant reduction follows a previous cut of $1,133 on Monday. Overall, the rate assessment for these large vessels, as tracked across five benchmark routes (5TC) by Baltic Exchange panelists, has decreased by 13% since the end of the previous week, highlighting a notable slowdown in the spot market for capesize bulk carriers.