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Champagne all round as capesizes fixed at $50,000

Champagne all round as capesizes fixed at $50,000

New York: Recession? What recession? The ever sentimental dry bulk market has shot up dramatically this week with first reports filtering in of deals done for capesizes in excess of $50,000 a day. This figure is around four times the historical average prior to 2003 when rates went crazy, it is worth noting.

New York ship financier Dahlman Rose has just reported that front haul capesize voyages have cracked $50,000 a day on the back of firming steel prices in East Asia. This momentum has trickled down into smaller sizes of bulkers too, reported the financier.

'Overall, the dry bulk market remains active and maintains momentum to the upside," Dalhman Rose said. Steel prices in China have pushed up again today with rebar prices back near the $580/ton level.  

However, as a dampener it is important to note that the majority of analysts are convinced this bulk bull run will not last long, as reported here earlier: [10/02/09]