The average spot rate for capesize bulkers took a dive on Tuesday, after showing some steadiness since the middle of last week.

The capesize 5TC, a spot-rate average weighted across five benchmark routes, slid 9.8% since Monday to $28,059 per day, according to Baltic Exchange data.

The key China-Japan transpacific round voyage saw the biggest fall among the key voyages, plummeting 13.9% to $28,220 per day.

The paper market foretold further declines on Tuesday over the next few months, despite keeping up with the physical for November at $28,679 per day.

The forward freight agreement (FFA) rate for December came in $22,875 per day, while that for January is estimated at $22,875 per day. February's FFA rate was $12,179 per day.

Tuesday's drastic one-day slide in the average phyiscal capesize spot rate followed three days of relative stability, during which it dipped 3.1% from $32,099 per day on Wednesday.

The short-lived hiatus from capesize-rate volatility followed a 69% nosedive over one month to $27,162 per day on 3 November.

Dry bulk shipping's smaller asset classes demonstrated less one-day volatility on Tuesday.

The panamax 5TC dropped 6.1% to $24,072 per day, while the supramax 10TC improved $41 per day to $24,890 per day.

The handysize 7TC lost $171 per day to come in at $28,688 per day.

The Baltic Dry Index, which indicates the overall strength of bulk carrier markets, lost 168 points on Tuesday to find itself at 2,591 points.

The Baltic Exchange has not yet published its daily fixtures report for Tuesday.