December 2021

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7-December-2021

The capesize bulk carrier market resumed its upward trend today. The Baltic Exchange Capesize 5TC (Average Five Capesize Benchmark Spot Rates) climbed $43,030 per day. This situation is caused by weather delays and port congestions. Furthermore, there is respectable capesize cargo flow in the Atlantic and more capesize cargoes are predicted in near future. Capesize time charter rates in Q1 2022 are anticipated to be better than historical averages. China’s economic growth may support demand for iron ore. The average freight rate for the iron ore Western Australia-to-China route increased to $14.84 per metric tonne. Panamax, ultramax, and supramax bulk carriers saw more modest spot rate improvements over the last week.