Baltic Exchange Shipping Insights

Capesize

The market has surely surprised many this week after sparking into life and quickly surpassing levels seen in November and December 2020. The Capesize 5TC ended 2020 at $16,633 and now closes out its opening week of 2021 at a resounding $21,131.

Activity heated up from the middle of the week before exploding higher on Friday off the back of a heated Brazilian market. While major charterer Vale was said to be absent, rates have climbed quickly on prompter requirements scrambling to cover. Brazil to China C3 settled at up $1.645 to $17.33 to end the week.