Asset prices for capesize bulkers may improve by nearly one-third by the second half of 2023 in a market that keeps reaching new heights, according to an analyst.
The capesize 5TC, a spot-rate average weighted across five key routes, has skyrocketed 90% since 8 September to $77,035 per day on Monday, according to Baltic Exchange data.
It has also more than doubled from $34,293 a year ago.
Cleaves Securities noted that the Baltic Dry Index (BDI), which is heavily influenced by capesize rates, hit 5,202 points on Friday for the first time since 25 September 2008.
