The Baltic Exchange’s weighted time-charter average shed more than $2,600, or 14.6%, today to end the day at $15,300 per day.
All capsesize routes tracked by the London-based exchange suffered declines, with the ships driving the Baltic Dry Index (BDI) downward by 69 points to 1,039.
The exchange’s daily market report said charterers came back to the market after a break in Singapore to bag ships on the West Australia to China route at a hefty discount.
Clearlake, for example, relet the 180,000-dwt Bao Zhu Hai (built 2004) to Cargill for $6.15 per tonne for a 170,000-tonne iron ore cargo on that route.
That’s well below the $7.40 to $7.50 paid late last week for similar journeys.
Wednesday's slump came a day after the BDI fell 35 points as capesize rates ended an upward march.