Capesize rates have seen a recent recovery after months of very low levels. Since the beginning of October, the Baltic time charter average has increased by 100% to $ 16,934/day. Iron ore routes from Western Australia to Qingdao (G5) rose 38% over the period (to $10.814/tonne), while Brazil-Ghina trades (C3) gained just 5% to $22.965/tonne. Low iron ore stock levels at Chinese ports are part of the recent revival of Capesize rates, as steel makers stock up while iron ore prices are low. According to brokers, Western Australia-China is the preferred route for quick top ups of ore stocks.
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