Average Capesize TC rates fell by $6,289 today to $32,838 per day today. This marks a fall of 16% session-on-session, the largest percentage fall since May last year. Despite this sharp fall, rates are still 29% higher versus the recent low last month.

Australian volumes have performed extremely well so far this month. At their current pace, the iron ore majors here are on track to ship about 80.4 MMT of iron ore in December, an increase of 4% YoY and 14% MoM. 

This has helped to keep the Pacific relatively strong. Our latest Capesize TCE assessments suggest that an Australia – China round voyage pays over $11,500 per day more than a Brazil – China round voyage.