Capesizes continue their ascent, as the Atlantic market is getting hotter by the minute.
Thurlestone notes: “Another encouraging day for cape rates with a frantic morning’s trading which saw the WAussie/China rate push up to $5.20 as the pressure remains on the Charterers to fix ships for Jun loading.”
As the day progressed, more news out of the important C3 (Brazil-China) route, with rumored fixtures above last done. When all settled, expectations are for a big up index tomorrow.
Tomorrow is Friday, so probably would be less excited, but by early next week it is conceivable to see the Capesize index up to 8,000, from ~6,000 currently. Still, excitement should be measured, as still a large number of ballasters remain open and the market needs to see significant cargo flow over the next few weeks to absorb this.