Everything had been going so well. But the correction in the capesize spot market continued on Thursday, with average day rates falling back below $30,000 after a three-day rout.

Momentum has slowed particularly in the Atlantic market and no new voyage fixtures have been reported in the basin since last week, leaving the market without much clarity on pricing.

Baltic Exchange panellists assessed the capesize 5TC rate — the weighted average of spot rates across five key routes — almost 13% lower on Thursday at $28,840 per day.