Capesize earnings are down by 30% this week to just $11,800 daily, according to data from the Baltic Exchange.
With income in other sectors also declining the BDI sat at just 1,029 points today.
Fearnleys says Australian miners have been active in taking tonnage but the volumes have not been sufficient to “avoid a total collapse in the cape market”.
In its weekly report the shipbroker said: “There is still a lack of TA cargoes, with bids presently around USD 6000 per day.
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