Capesize Bulkers continue to loose

Clarkson Capital Markets said capes were commanding $14,000, which is roughly 5.4% lower than yesterday’s average and represents a decline of nearly 37% week-on-week.
Industry veteran Omar Nokta, also pointed out that the same type of tonnage was going for $27,000 per day a year ago.
Greek bulker operator Star Bulk Carriers blamed the lacklustre freight rates that have plagued the capesize sector as of late on Vale, the Brazilian mining giant.
“Vale has not exported in the open market any cargoes for the last two and a half weeks, I think this is the reason this is happening,” management said.
“I don’t think this will continue for long [however]. If Vale puts more cargoes in the market we could see an upturn in December or even January.”
When an analyst pressed Petros Pappas about freight rate volitility in the coming year, Star Bulk’s chief executive officer argued that the tides will turn.
Vale says production will increase by 50 million tons next year. "Under normal circumstances we should see longer distances going forward and that will help the market.”