There is high demand for Vessel from the minerals and commodity market. There is acute shortage for the break bulk vessels for carrying iron ore, coal and other bulk commodities and the vessel owners are asking three times higher freights these days.
The ocean freight for break bulk carriers is higher than Baltic Exchange rates. The companies from Brazil are paying the highest prices for capesize vessels for carrying iron ore to Asia as per the information from the Exchange data.
The capsize vessel are approx forty percent of dry bulk fleet of world. The restriction on exports of iron ore from India has increased the iron ore shipment from South America to Asia.
The freight index as per the exchange has risen for panamax 15 percent, supramax 13 percent and handy size by 5.5 percent.
With the demand in bulk commodities which approx rises by 4% also may be the reason for the rise in the demand for the capesize vessels