Capesize second-hand prices surge 22pc m/m as rates rebound.

In March 2023 China's economic recovery caused a pick-up in capesize freight rates and in sale and purchase activity for this ship type. As a result, five-year-old second-hand prices rallied 22 percent m/m, reaching USD 54 million by the end of the month.

While capesize spot rates are still weaker than a year ago, they increased threefold in March compared to February levels, according to the Baltic Exchange's capesize 5TC index. Iron ore, coal and bauxite shipments to China rose during the first quarter, strengthening the market's belief that China's...