Spot rates of just $9,100 daily are down by more than a quarter over the past week, with a lack of cargoes out of Brazil a major contributor to the difficulties.
Observers note period rates are two and a half times higher having survived the worst of the slump.
Oldendorff yesterday hired the 177,000-dwt Cape Harrier (built 2005), owned by Mizuho Sangyo, for five to eight months at $24,000 daily, according to the Baltic Exchange.
Omar
