China’s Bar on BHP Iron Ore Cargoes Hammers Capesize Rates

Dry-bulk shipping rates have tumbled around 25% this week, with a dispute over BHP Group’s iron ore shipments to China adding strain to a market already suffering a seasonal lull in demand.

Spot rates for Capesize bulk carriers sank 6% on Thursday, extending declines seen earlier in the week, according to data from the Baltic Exchange. The 5TC, as the index is known, is a key indicator for the global dry-bulk shipping market and last traded at this level in late August.