Volatility has continued to be a hallmark of the Capesize market, with the 4 TC average changing direction five times in the last month, as average vessel earnings moved between a low of $22,892/day (in early November) and a 2011-high of $31,998/day (in late October). Although the spot market has resumed downward momentum, the current TC average of $26,122/day is virtually double the average spot rate seen between January-October. Nevertheless, the Capesize market is still currently 25% below the year-ago level. Continued high volumes of iron ore shipped from Australia and Brazil have helped maintain Cape demand.
展开▼
