Capes pick themselves off the canvas

As predicted yesterday by Dr Roar Adland from the Norwegian School of Economics, the cape market finally displayed signs of bottoming out.

Having suffered one of the worst Augusts on record, capesizes showed some twitching of muscle yesterday, the key 5TC route firming by $1,382 a day to $3,887.

“The tide seemed to change yesterday, with the physical market bottoming out and the paper boys buying on improved outlooks, despite dark clouds still weighing heavily on the market,” a market update from Norwegian broker Lorentzen & Co suggested this morning.

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