In early November the BDI rose to its highest level since March (1,484 points), yet expectations within the dry bulk carrier market (whether measured by physical period rates or FFA prices) have remained unconvinced that this represented anything more than a temporary, Cape-led, spike From an 8-month low of less than $8,000/day in mid-October the Capesize 4 TCs surged to a 10-month high of $26,800/day in little more than 2 weeks. As a consequence Capesize earnings moved from their lowest mid-October level since 2001 to their highest point at the start of November since 2010. The strength of the rebound owed much to sharply increased spot fixing volumes on iron ore trades from Brazil, where it emerged that some railing issues had led to the accumulation of inventory for shipment during the 4q14. The Brazil-China voyage rate (C3) jumped from $17.0/t to $26.0/t in just 2 weeks.
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