We were a bit hasty to mention last week as a peculiar and weird one… well this current week was definitely the “weird week”, as our estimate and many more shipping analysts forecast and expectation expressed last week that this current week’s festive mid-autumn festival holidays would have surely caused a slack in the Cape activity and subsequently would bring Capes to lower freight rates fell through…. It seems that the opposite happened and the Cape market shot up, with a massive near 20% increase in the index and a 19% increase in actual daily earnings!
It came as a pleasant surprise that the Capes (ships 3 times the length of a normal soccer field) were in good demand and attracted many Timecharter and period fixtures, about 28 a record number. We can also comment and point out that on Thursday the 7th Oct 2010 9 T/C and Period fixtures for Capes were recorded, a record number that we had not seen for a long time.
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