Dry Market Makes Further Gains

摘要

A shaky start to September and a brief wobble at the end of the month did not prevent dry bulk freight rates from making continued strong gains in recent weeks. Capesize earnings have shown particular strength, helped by firm fronthaul cargo demand as Chinese iron ore imports maintained the high levels begun in August. Average earnings (basis 4TCs) for Baltic-type Capesize tonnage increased from below $40,000/day at the start of September to $56,500/day in mid-October. Fronthaul time charter rates, which stood close to $52,000/day in early September, had risen above $75,000/day for the first time in five months by mid-October.