S&P Global Platts has launched a new Dry Bulk Capesize Earnings Index named CapeT4 Index to reflect tonne-mile demand on four key time-charter equivalent (TCE) assessments starting 1 October 2019.

The Baltic Dry Index (BDI) reached a five-year high, driven by the bullish Capesize market despite a short working week due to UK bank holiday.

A K Line vessel serving its long term contract with Emirates Global Aluminium (EGA) recently became the first fully-laden capesize bulker to call a GCC port.

The Capesize market was hit by lower shipping activities due to European holidays and fewer iron ore cargoes coming out of western Australia

An increasing number of capesize newbuilding deliveries is posing a serious threat to the already fragile market balance, even as demolition rates have increased, according to a latest analysis by Bimco.

Market sentiment for Capesize rates saw an improvement after Vale’s announcement to restart Brucutu mine, bringing back around 30 million mt per year of iron ore to the market.

The dry bulk capesize market could be headed for rougher seas on the back of diminishing growth in demand volumes and the still growing capesize fleet, according to Bimco.