The massively volatile nature of the largest bulker segment has been in plain view for the last fortnight, hitting year-lows last week, only to roar back this week with modern cape tonnage seeing daily earnings climb more than 90% so far.
Norwegian brokers Fearnleys note in their most recent weekly report the “sharp rise” in spot activity and income with Australian and Brazilian miners picking early units at steadily improving numbers.
The outlook for December remains positive, Fearnleys stated, with the consensus appearing to be that the worst part of Q4 has passed.
Daily average earnings for modern 180,000 dwt tonnage is up more 90% this week at $16,500, according to Fearnleys data, who also report substantial interest and a number of fixture conclusions for period on modern units, albeit limited to index-linked or floating structures.
It’s good to hear that period charters have been concluded on floating structures. In my experience, the non-floating type are more often limited to single voyages, usually in a downward direction.
Wow, That is volatile, though good to see that rates moving up.