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+10% on last week

Capesize, freight rates skyrocketing

by Port News Editorial Staff

Such high freight rates have not been seen since last October. The bullish moment for capesize bulkers (170-180 thousand dwt) is continuing, thanks to the market dynamism generated by mining activities in Brazil and Australia and, above all, thanks to the rally in Iron Ore prices.

This was confirmed by the Baltic Exchange Index, which on 20th  April stood at 3,455 points, 313 more than the previous week, with an average time charter of $28,652 per day, up 10% on last week,  the highest level in six months.

Translation by Giles Foster

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