Rates for capesize bulkers on transpacific round-trips plummeted on Thursday, halting the bull run in the Baltic Capesize Index that has been ongoing since late last week.
Spot rates on the China-Japan transpacific round-trip (C10) between South America and Asia were assessed 6.6% lower on Thursday at $77,723 per day, according to Baltic Exchange data.
By comparison, the benchmark round-voyage from China via Brazil lost only $159 per day to come in at $64,255 per day.
"It was the C10 that was the only weak part of the index, but one should bear in mind that this particular route has been the strongest and even now it is some $13,000 above the Brazil-China roundtrip," John Kartsonas, founder of asset-management advisory firm Breakwave Advisors, told TradeWinds.
