Capes In Counter-Seasonal Decline

摘要

The slide in Capesize rates in the last month has run counter to the examples of recent years, severely impacting physical period rates and FFA prices in the process. The 4 TC spot average of $8,203/day compares with a year-ago level of more than $31,500/day. Moreover, the one-year rate is now $14,000/day, which, while appreciably higher than the current spot level, marks a significant fall from a one-year rate of $23,500/day just four weeks ago. The 4q14 contract for the Cape 4 TC average was trading around $11,475/day at close of business on 15 October, a steep fall from a level of $23,000/day only one month earlier. During the more buoyant freight market in March 2014, this contract was at one stage priced close to $35,000/day.