The second half of 2024 has begun with average capesize spot rates rising by 10% in a day, breaking through the $30,000-per-day level.
The sudden pop comes on the back of fixtures reported at successively firm rates in the Atlantic, with slower growth in the Pacific.
Baltic Exchange panellists on Monday added an extra $2,881 to their assessment of average capesize spot rates weighted across five key benchmark routes. This put the assessment at $31,438 per day, the highest level since March.
The estimate has grown by almost 23% over the past week as a more positive picture has developed in the Atlantic, particularly for iron ore bound for China.
Rising rates in the basin have been fuelled by a few fixtures reported at strong rates.
On Friday, George Economou’s Classic Maritime reportedly fixed Golden Union’s 179,999-dwt CIC Paola (built 2014) for a 65-day time charter trip to the Far East from Gibraltar at $62,500 per day, beginning between 6 and 10 July.
Deals like this led Baltic panellists to add a further $3,513 on Monday to the assessment for trips from the Continent and Mediterranean to the Far East, which reached $60,938 per day.
Rates for iron ore voyages to China from Brazil were lifted following a deal reported on Friday by mining firm Companhia Siderurgica Nacional.
Brazil’s second-largest iron ore exporter reportedly fixed Cavalli Marine’s 174,142-dwt Caramello (built 2007) for a voyage from Itaguai to Qingdao at $30 per tonne, loading from 17 July.
Two new fixtures for the voyage came to light on Monday but were fixed on Friday, both by Oldendorff at $20 per tonne.
The German owner-operator reportedly booked Minerva Marine’s 207,923-dwt newcastlemax Sikamia (built 2008) and an unnamed NYK vessel for loadings in the last week of July.
This is $2 per tonne more than Five Ocean Shipping of South Korea agreed to pay on Friday when it reportedly fixed a SwissMarine-operated newcastlemax, the 206,306-dwt SAMC Transporter (built 2006), which is owned by Eddie Steamship.
