Large bulker spot rates sank to the lowest level in nearly two months on Wednesday but futures were priced far higher, pointing to expectations of a rebound.
The Baltic Exchange’s capesize 5TC, a spot-rate average across five key routes, slipped 8.3% on Wednesday to $12,355 per day.
That was the lowest level for spot earnings since 17 February.
By contrast, freight forward agreements for May came in at $24,293 per day, after falling 5.9%
