The Capesize Rally

Capesize earnings surged to an average of USD 51,300 per day in September 2026, marking a nearly five-year high and a 94 per cent increase year-on-year. Strong demand was primarily driven by Guinea, which has tripled its tonne-miles since 2022, carrying 30 per cent of total Capesize tonne-miles, while Australia remains stagnant. The Pacfic basin continues to dominate with 1,067 vessels, limiting the Atlantic's impact amid slower steaming. Vessels now operate at an average laden speed of 10.4 knots, delaying voyages and highlighting ongoing fleet constraints.