Capesize fixed at $109,000, rally back to pre-Lehman Bros days

London: Capesizes have soared back to six figure territory to hit highs not seen for 14 months, on the back of strong China demand, growing port congestion and, worryingly for owners, a surging paper market. 
China is in the process of restocking iron ore volumes ahead of the annual contract negotiations with the main global miners. China's coal needs have also jumped on the back of an especially cold start to winter.  [20/11/09]