High iron ore prices have kept the capesize market active over the past week, according to Fearnleys. With prices touching close to the US$80 per tonne mark, miners are keen to sell and ship as much iron ore as possible before prices soften, boosting demand for capesize vessels.
Brazilian production has been strong with Brazilian mining company, Vale, actively taking vessels, said Fearnleys in its weekly market report. This has pushed the rates on the key Brazil-China route to US$25 000 per day. Brazil is the second largest iron ore exporter.
