Rates for benchmark routes for capesize bulkers that ship iron ore to China for steelmaking have slid to their lowest level in months as China’s real estate industry falls into deeper financial turmoil.
The average spot rate for the C14 roundtrip route between Brazil and China dropped 10% on Wednesday to $11,175 per day, marking its lowest point since 20 April when it declined to $10,268 per day.
