Auspicious start for Year of the Ox: capesizes trading at over $30,000 a day

Hong Kong: On the first day back to work following the week long Lunar New Year holidays capesize owners are watching carefully to see what Chinese demand is going to be like for iron ore. The signs are positive that this is going to be a very strong month for big bulkers. Market reports show the cape spot market has returned above $30,000 a day for the first time since last October. Similarly positive was last week's Baltic Dry Index rally that saw the benchmark return to four digit territory for the first time since October. Fearnley's noted recently that 'the tonnage situation is still tight in the Atlantic and Far East ships are again looking to Brazil to find employment.' [02/02/09]