Capesizes have caught up with smaller bulkers and could regain their hold in spot market

The dry bulk market has been moving from strength to strength in 2021, after prolonged period of stagnation. Earlier this year, I questioned if this was going to be the year of the smaller sizes as this sector has experienced the most impressive gains with timecharter rates more than doubling since the start of the year. However in early May, capesize one-year time charter rates were at the highest levels in seven years and the Baltic Capesize Index (BCI) hit levels not seen since 2010, does this imply that the capes resumed their position as the star player or was this a short-term spike?

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