But even though average earnings are now less than $2,000 per day above the operating cost of a capesize, there is little indication of owners laying up tonnage.
Average spot rates fell $600 per day over the past week to $9,300 per day by Wednesday.
Brokers say that in the Far East, charterers like Rio Tinto and BHP Billiton continue to be active but Vale has been a big disappointment, taking much less tonnage than expected.
SwissMarine
