Capesize spot market ‘halfway down the mountain’ with India poised to scramble for coal

The capesize bulker market should start falling at a slower pace and then bottom out in two weeks as India looks to replenish a dwindling domestic coal supply, an analyst said.

Average spot rates across five key routes have slipped 9.6% over the past two days to less than $16,800 per day on Tuesday after plummeting 37% in a week from about $29,500 per day on 20 October, according to the Baltic Exchange’s Capesize 5TC index.