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Bulk carriers: Surprisingly big drop

The significant decline in dry bulk spot rates comes as a surprise to both Copenship and Ultrabulk, both of which experienced worse first quarters than expected.

The declining spot rates in the dry bulk market have come as something of a surprise, according to two players in the market, Copenship and Ultrabulk. Copenship CEO Michael Fenger points to the decreasing volumes coming out of South America as the primary reason for the low level, which according to Fearnley on Thursday is down at USD 12,588 per day for the large Capesize ships.

"It's always a combination of many things, but first and foremost we're seeing some delays on the major volumes out of South America. And there's a little 'payback time' for a high Q4, with the Chinese opting to draw on their stockpiles instead," he explains, adding:

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