Over the last month Capesize average earnings have leapt from around $12,000/day to a ten-month high of $28,284/ day on 14 September. The sudden rise on the spot market also drove one-year period rates to $16,500-17,000/day, having been at $11,000/day as recently as early August. At time of writing, however, the 4 TC average experienced a downward correction, standing at $23,026/day. Furthermore, scepticism over the longevity of the latest upturn is demonstrated in the FFA market where the 2012 calendar year is trading at just over $14,000/day.
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