According to Omar Nokta of Clarkson Capital Markets, tonnage trading in the spot market was commanding $4,200 per day on average.
In a client briefing the equity analyst pointed out that this is approximately 10% higher than levels seen a day ago.
“Higher steel prices are allowing for a bit of optimism and capesize rates are gaining some momentum,” Nokta continued.
The forecaster added: “Though rates remain below vessel operating costs, there appears to be support for further upside.”
According to Charles Rupinski, an equity analyst at Global Hunter Securities, capes trading in the period market are fetching approximately $9,875 per day on average when fixed for a year.
