The market for capesize bulkers should continue declining amid lower iron-ore and steel production for the rest of 2021, according to brokers.
The capesize 5TC, a spot-rate average weighted across five key routes, slid 4.9% on Thursday to $57,374 per day, making for a rapid decline of 34% over the past two weeks.
The paper market pointed to even lower rates well into next year's first quarter, according to Baltic Exchange data.
