Capesize spot rates climbed to a three-year high last week adding further confidence surrounding a stronger 2018.
Rates were recorded at $27,576 per day on Friday, supported by firm activity on the key iron ore route from Australia to China, Clarksons reports.
Doug Mavrinac, an analyst at Jefferies, says strong Chinese dry bulk import demand, slowing fleet growth, and favorable seasonal factors are all helping the market.
