A climb in capesize rates came to an end today amid notes of caution from brokers and analysts.
Improvements in the past week have pushed the market above cash breakeven levels with capesize spot earnings slipping fractionally to $15,202 per day on Friday.
“While current earnings are highly encouraging, we feel that the recent rise is overshooting the fundamentals, particularly since it has mainly been driven by capesizes while the smaller vessels are still only seeing earnings in the $6,000 to $7,000 per day range,” Clarksons Platou Securities said in a report today.
Today’s
