China restocking has seen capesize rates post impressive gains in recent days, finally approaching breakeven levels.
The Baltic Exchange capesize 5TC average hit $7,915 per day yesterday, up by 41% week-on-week.
However, brokers Braemar ACM note that capesizes are still steaming at around 11.2 knots on average, around 0.4 knots slower than they were going on January 1 according to AIS data, despite bunker prices being almost a third of what they were at that time.
Braemar ACM highlighted how increased iron ore restocking activity in China and a 36% month-on-month decline in Brazilian port congestion have been positive for cape rates relative to other dry bulk sectors in recent weeks.
“Interest for Capesize bc is definitely on the rise, particularly in the Atlantic from Brazil and South Africa,” brokers Lorentzen & Stemoco noted in an update today.