Carnegie believes the capesize market is better than it looks with external factors providing headwinds this year.
Analyst Ola Rugsveen says the $18,000 per day reached by capes at the end of last week comes despite strike action at Iron Ore Company of Canada and no production at Brazil’s Minas Rio mine.
“I think we can see cape spot easily jumping to $25,000 to $30,000 per day should exports from one of these mines resume,” Rugsveen told TradeWinds.
