Capesize rates improved slightly over the past week, but this modest gain may be a set-up for further upward movement, according to brokers.
The weighted time charter equivalent (TCE) for the big ships gained 7.5% to just under $18,300 per day, Baltic Exchange assessments show.
The exchange's index gained 122 points to close the week at just under 2,210.
"A quiet end to the week could not disguise the improved sentiment in the capesize market, with several brokers suggesting that this may simply represent a precursor to another move upwards," the exchange said in its weekly dry bulk market wrap-up.
