The only way is up for the capesize bulker market, according to the chief executive of shipowner Golden Ocean Group.

Ulrik Andersen told TradeWinds that there are plenty of reasons to realistically expect an upturn in spot rates by the end of this year — and in any case, Golden Ocean has already hedged much of its exposure to the capesize and panamax markets for this quarter.

BOOKING AHEAD

For the third quarter, Golden Ocean has 80% of its available capesize days booked at an average rate of $27,900 per day and has 96% of its panamax days covered at $27,100 per day.

But