FREIGHT: Dry bulk rates surge towards $300,000 per day

LLOYDS LIST--CAPESIZE rates are pushing the dry bulk market skywards, amid predictions the larger carriers could fetch as much as $300,000 per day by the week's end.

The Baltic Dry Index advanced to a record for the third consecutive day on Monday, reaching 11,709 points. Capesize and handysize indices were also at a record, while panamax and supramax average time charter rates hit their highest levels this year.

"Phenomenal" capesize rates are being paid for front haul voyages from Brazil to China, at nearly $281,000 per day, with fixtures jumping by an average of around $5,000 per day over the last week.

"Every time you book a ship you break a record," a leading London-based capesize broker told Lloyd's List

"Owners can virtually name their price and it gets done, and then the next owner names their price, but only higher. These are massive numbers beyond anybody's imagination, it's absolutely incredible."