The start of 2015 saw freight rates for Capesize bulk carriers plunge to a six-year low, and brokers said they could fall even further. Many owners of such vessels anchored them off South Africa, Singapore and Taiwan, as there was not enough cargo to utilise them. Some European owners were choosing to anchor vessels rather than lease their ships at a loss. One set of data produced showed that charter rates for a voyage from Australia to China are currently around $3,000 per day, which is less than half of the daily operating costs for a vessel.
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