Spot rates for capesize bulkers have backed off after weeks of steady gains, while panamaxes earnings have continued their upward trend.
The weighted time-charter equivalent (TCE) average for the workhorses on the iron ore trade has fallen 9.4% since Friday to hit $29,610 per day on Wednesday, according to Baltic Exchange assessments.
The exchange's Baltic Capesize Index saw a sharper decline during the same period, falling 19.6% to 3,570 points per day.
This recent downward trend follows seven weeks of skyward momentum during which TCE rates improved 1,541% from $1,992 per day on 14 May.
A slowdown in chartering activity amid higher commodity prices and a return to day-to-day market unpredictability may be behind the cool-off in capesize rates, according to Clarksons Platou Securities.
"Chinese steel prices have been pushing higher this week with rebar gaining from $520 per tonne to $530 per tonne while spot iron-ore prices are up to $102 per tonne versus $97 per tonne", the Norwegian investment banking firm wrote in its daily note on shipping.
"Both increases are suggesting firm buying interest, with the current direction of freight rates more driven by normal spot volatility as opposed to a change in market direction."
Capesize rates have fallen in both the Atlantic Basin and the Pacific Basin since Monday.
The TCE rate for the roundtrip Brazil-China voyage has slid 14.2% to $23,409 per day, while those for the roundtrip Australia-China leg have dropped 19% to $27,604 per day.
Australian miner Rio Tinto chartered a to-be-nominated ship to move 170,000 tonnes of iron ore from Dampier in western Australia to China at $9.50 per tonne.
The Baltic Exchange on Wednesday recorded two other 170,000-tonne iron-ore shipments from western Australia to China at $9.30 per tonne and $9.40 per tonne for Rio Tinto and BHP Billiton respectively.
Similar charters were priced higher on Tuesday at $10.50 per tonne to $10.60 per tonne, exchange data showed.
Freight-forward agreement (FFA) rates have also given back some of their recent gains amid the easing in fixtures, Clarksons said.
They are set at $27,566 per day for July, $21,975 per day for August and $18,819 per day for September, according to the Baltic Exchange.
Those panamaxes
Meanwhile, TCE rates for panamaxes in the 82,000-dwt range have improved 20.6% since 1 July to $13,651 per day on Wednesday.
These smaller ships have seen higher and higher rates since hitting a low of $5,390 per day on 18 May. The Baltic Panamax Index has likewise gained momentum, improving 153% to 1,517 points on Wednesday.
"The panamax segment remains firm with steady grains volume in South America and the Black Sea", Clarksons wrote in its daily assessment.
Unnamed Chinese charterers are taking 76,620-dwt Panamax Nostos (built 2005), owned by Shield Marine, to South America's east coast to the Far East at $11,750 per day.
The rise in panamax spot rates came as period charters also showed strength.
Diana Shipping on Wednesday announced fixing 75,700-dwt Selina (built 2010) to ST Shipping and Transport of Singapore at $11,000 per day for at least 12 months but perhaps for as long as 14 months.
The Semiramis Paliou-led owner of 40 bulkers expects to make at least $3.96m off the charter, which began on Sunday.
The deal represents an improvement on the ship's previous charter of $4,750 per day with US-based grain giant Cargill.
