Iron-Ore Ship Rents Fall as Forward Contracts Imply 37% Plunge

Bloomberg reported rents for capesize ships that haul iron ore fell, paring a 22 percent climb over the last five sessions.

The market news is quoted as saying,

Capesize rates dropped 2.7 percent to $28,039 a day, according to the London-based Baltic Exchange, which assesses freight costs on more than 50 international maritime routes. The forward contracts, sometimes called the paper market in the industry, indicated fourth-quarter rents of $17,785, according to data from Clarkson Securities Ltd.

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