Available tonnage looking tight as Brazil iron ore market nears sell-out point.
Building momentum in the spot market for capesize bulkers has pushed average day rates past the $50,000 level. Capesizes fixed at consistently firmer rates on the Brazil to China iron ore run have helped lift the spot market overall.
Spot tonnage is running low in Brazil for next month and vessel supply to the Atlantic will depend on how soon congestion in Chinese ports eases.
Mining giant Vale scooped up much of the available tonnage for September and fixed more than 15 ships last week for voyages from Brazil to China at between $34 to $35.15 per tonne.
The strength of the capesize market helped lift the Baltic Dry Index (BDI) by a further 55 points to 4,147 on Monday.