The capesize bulker sector fell sharply on Tuesday amid typical market volatility.

The capesize 5TC, a spot-rate average weighted across five key routes, plummeted 16.1% to $32,838 per day, according to the Baltic Exchange.

"The big swings are a result of a few extra cargoes shooting rates higher, but a few extra vessels cause rates to fall sharply," Jefferies analyst Randy Giveans told TradeWinds.