Capesize rates dropped by nearly a third this week as owners untied their ships from the piers and let them vie for business.
The Baltic Exchange's time-charter equivalent (TCE) average plummeted 30% to $19,952 per day on Friday from a week ago and moored capesizes fell to 9.6% from 12% of the fleet.
This decline slowed down chartering activity by convincing shipowners to wait for rates to keep dropping, according to Clarksons Platou Securities.
