The spot rate market for capesize bulkers dropped like a stone this past week as uncertainty around China’s economy continued, while that for the smaller vessels stagnated due to meagre fixture activity.

The Baltic Exchange’s Capesize 5TC basket of spot rate averages across five key routes plummeted 27.3% since 11 November to $9,305 per day on Friday.

The C5 iron-ore route from western Australia to Qingdao, China slid 11.3%