Capesize continues to boost the bulk market

The dry bulk market is seeing increasing freight rates, and the bigger ships are still the ones doing much of the work, which means that Capesize rates for 2013 have now climbed to the highest level so far this year.

Photo: Pressefoto

The Baltic Capesize Index increased by 215 points in the tally published Thursday, reaching 2,660 points, the highest level so far this year. Capesize rates made the biggest leap in the Baltic Dry Index, as the segment reached 1,270 points, though the Panamax and Supramax markets are also undergoing positive developments.

The latest Fearnley report on the Capesize market notes that spot rates, at USD 19,8811 a day, have now reached the highest level seen in a long time, particularly boosted by positive developments in iron ore freight from Western Australia, South Africa and Brazil.

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