The Baltic Exchange’s capesize bulker spot rate assessment has fallen to just above operating expense (opex) levels as the dry bulk sector awaits China’s return from the week-long Lunar New Year holiday, market data shows.

The Capesize 5TC basket of spot rate averages across five key routes plummeted 39.4% over the past week to reach $6,529 per day on Friday.

But shipping investor Joakim Hannisdahl suggested that spot rates’ proximity to operating costs points to a market floor.