The dry bulk spot market declined steadily this week, in great part due to dropping rates for capesizes sailing from Brazil to China amid limited activity.

Freight rates for trips from Brazil to China on the C3 route slid to $25.95 per tonne, a 15.7% decline over the week, Baltic Exchange data showed.

Spot earnings for the roundtrip voyage came in at $13,145 per day on Friday, a 29.3%