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Profits up

Capesize market booming

by Port News Editorial Staff

The dry bulk market is still looking good.  In particular, freight rates for capesize vessels of over 150,000 dwt are continuing to rise due to a combination of increasing demand and a lack of available tonnage.

The Baltic Capesize Index soared to 7,600 points, its highest position since 19th November 2009. Average daily earnings for these units rose 2.8 per cent to $63,030 yesterday. This represents a 17% increase on a week ago.

The best results were recorded on the Pacific trade routes. In particular, the transpacific (c10) route recorded average daily earnings of $67,000 at the close of last week while on the C9 fronthaul route capsize vessels are making their owners almost $82,000 per day.

Translation by Giles Foster

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