ATHENS: The capesize market has advanced each consecutive trading day since June 11, with the Baltic Cape Index growing by 810 points then to 1,393 points today.
“The last two weeks have seen an increased number of Brazilian iron ore cargoes come to the market and that’s primarily what is driving these rates,” Jeffrey Landsberg, managing director of New York-based Commodore Research & Consultancy, told Splash today.
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Brazilian cargoes are also a blessing in terms of tonne/mile earnings – the distance from Brazil to China is three times longer than the distance there from Australia. Of all the Baltic benchmark routes, the Tubarao to the Beilun/Baoshan port range in China (C3) run has show the most growth since June 1, increasing by $2.025/tonne since the start of the month to $12.965/tonne today. Rates on the route have advanced by $0.29/tonne since Monday.
