Growing Chinese Port Congestion Fires Capes to 12-Year Highs

Capesize spot rates are rocketing once again, having risen by more than $5,000 on a Friday and a further $6,736 on Monday, taking them back above the $50,000 mark and to levels not seen since 2009.

Brokers Lorentzen & Stemoco described the current cape freight environment as a “perfect storm” in an update to clients today.

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