The big Capesize ships have been driving up the struggling dry bulk rates for weeks now, but now the heat seems to have spread to the smaller Supramax vessels (50,000-60,000 dwt), which according to analysts Fearnley are now also showing signs of improving, with a 2.6 percent increase up to USD 10,579 per day.
On Wednesday, the Capesize market continued to rise significantly, at a whopping USD 2,206 per day compared to the day before. The overall atmosphere remains positive, though China's stockpiling may have peaked, says Fearnley.
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