The day rates for Capes and Panamax fall further, while Soups & Handies are flat. The broader index (BDI) is again back down below 900 losing just under 3% since yesterday.
The BCI took the hardest blow as expected as rates came down almost 6%.
Cape 5 T/C ~ $13,050
Cape 4 T/C ~ $12,275
Pmax 4 T/C ~ $5,925
Soups T/C ~ $7,050
BHSI T/C ~ $6,100
The crew at FIS tell us in the morning report that the Capes began to rally on the Asia opening but when the European market began trading and then post index the gains were wiped out and now are below yesterdays levels.
Capes $4,400 (+50)
Pmax $4,800 (-50)
Soups $5,000 (-250)
The divergence between the physical and paper markets is striking for the Capes. It could be concluded that the paper market is underwhelmed by the physical, and rates are expected to fall over 50% from current spot rates.