VLCCF Capesize rates are now up 55% since August 12 Capesize rates rose 2.6% (or $421/day) overnight to $16,342/day,
Knightsbridge Tankers Limited VLCCF has an average cash break-even rate for its Capesize vessels of $10,700 per vessel per day. However, others have break-even rates much higher than VLCCF.
Baltic Dry Index (BDI) and Capesize rates rise again; Capesize rates are now up 55% since August 12
Capesize rates rose 2.6% (or $421/day) overnight to $16,342/day, while the overall BDI rose 11 pts to 1,156, rising for the seventh consecutive session. Capesize ships haul coal, iron ore and other related commodity raw materials across the ocean.
Since August 12, the BDI is up 16% to 1,156 (from 996), led by capesize rates. The cost of renting a capesize drybulk ship is up 55% (or $5.792/day) since Aug 12 to $16,342/day, driven by higher iron ore shipments to China out of Brazil and Australia.