… switched into “recovery mode” and their pace has accelerated in recent weeks to a seasonal record!
In combination with the strong iron ore exports from Canada and the perspective of coal exports from the port of Baltimore to resume with Capesize vessels later in May, the number of Capesize bulk carriers available in North Atlantic has shrunk and a violent short squeeze has been triggered in the region. Consequently, since last week, spot rates for a transatlantic round voyage have soared by +298%, well above 30k$/day!
If you would like to get more information on this topic and the impact on the freight market, please reach out to us on: [email protected].