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Dry bulk market surges off stronger iron ore, grain and coal volumes

Futures market surges to indicate higher spot rates in the weeks ahead

3 March 2023 18:17 GMT UPDATED  3 March 2023 18:23 GMT

The dry bulk market forged ahead over the past week amid higher iron ore, grain and coal volumes.

The Baltic Exchange’s Capesize 5TC set of spot-rate averages across five key routes skyrocketed 88% over the past seven days to $9,910 per day on Friday, marking its highest level since mid-January.

Rio Tinto hired two unnamed capesizes on Thursday to ship 170,000 tonnes of iron ore from Dampier, Western Australia, to Qingdao, China, at $7.30