The Lunar New Year holiday bit into chartering activity for the vital capesize segment, depressing the Baltic Dry Index from its January 1 level of 2,093 points to a low of 1,308 on January 17 since when it has risen 43% to 1,866 points. Charterers have been busy booking cargoes in all segments and on all routes with tonnage lists tightening, particularly in the Pacific.
Per tonne freight rates on the Brazil to China iron ore voyage rose 18% in the first three weeks of February, hitting $2...