The average spot rate for capesize bulkers took a dive on Tuesday, after showing some steadiness since the middle of last week.

The capesize 5TC, a spot-rate average weighted across five benchmark routes, slid 9.8% since Monday to $28,059 per day, according to Baltic Exchange data.

The key China-Japan transpacific round voyage saw the biggest fall among the key voyages, plummeting 13.9% to $28,220 per day.

The paper market foretold further declines on Tuesday over the next few months, despite keeping up with the physical for November at $28,679 per day.