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• Capesize recovery underway (11 Nov 2024)

  Recent days of consecutive gains for the Capesizes have pushed rates back up to near their YTD peaks of the early summer. Chartering activity was buoyed by steady and growing cargo demand in both hemi­spheres, seemingly unhindered by the loss of brok­ing players from the magnet effect of the Eisbein weekend in Hamburg. Adverse weather conditions have been tying up vessels across several big Pacific runs, adding to the tightening in available tonnage, making charterers scramble even more for ships as cargo requirements grow apace. Inter-Pacific voyage rates have surged over the past week with W.Aus­tralia delivery to S.China reaching upwards of US$ 9.8/mt after trading at around US$ 8.6/mt just a week earlier. In the western hemisphere, trans-At­lantic RVs have surged nearly US$ 2,000 day-by-day to push levels back to the high teens of US$ 18,000. Front haul trips have pushed past US$ 40,000 daily.

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