It has been a bearish start to the week for the Capesize bulker class with the loss of activity under the Golden Week in China certainly applying pressure on sentiment and spot rates alike. Front haul rates for ships of 182,000 dwt (delivery UK-Continent range) continue to lose ground with middle US$ 80,000s of around US$ 85,000 daily now the best that can be done and owners already said to be relenting to low US$ 80,000s for mid-month dates. Trans-Pacific round voyage rates are down into the US$ 37,000s, shipbrokers confirm. Owners of 178,000 dwt tonnage are already conceding to US$ 35,000 daily (or lower) for RV transactions for mid-October even while the majority of owners seem to expect a turnaround in demand after the Golden Week ends. (For news & updates on dry bulk shipbroking, subscribe to the BMTI Daily Report.)
