Capesizes on a hot streak

London: Average daily spot earnings have almost doubled week-on-week for capesize vessels, while levels paid for rounds in the Pacific have tripled to $32000/day as China regains its appetite for iron ore. The Baltic Dry Index rose 7.5 percent yesterday, or 166 points, to 2,378 points in a fifth session of gains.

The Baltic's capesize index rose 15.71 percent, with average capesize earnings rising to $29,022 a day at its highest since June.

"The capesize market has sprung back into life as a number of period fixtures at increasing rates have been reported the last few days," Arctic Securities said in a report.

"However, spot market activity still appears to be fragile and a firm upwards trend has yet to be established."
(Source:www.seatradeasia-online.com)