Doubts about China's demand for iron-ore and coal imports for the rest of this year and expectations on the impact of Russia's ban on grain exports have sent mixed signals on the future direction of freight rates.
This comes after a resurgence in freight levels for all types of dry-bulk cargo vessels, including large, 180,000 deadweight tonne capesize vessels.
Average earnings for a 10-year-old capesize ship jumped to US$28,137 per day by last Friday, up from US$12,938 per day on August 6, said London-based shipbroker Clarksons. This followed a rise in the number of capesize ships being chartered, with around 25 leased last week compared with 17 the week before.
Rates for smaller 76,000 deadweight tonne panamax bulk carriers and 52,000 deadweight tonne supramax ships have also rebounded. But the recovery has not been as dramatic, with an increase in daily rates of between US$1,000 and US$2,500 over the course of last week.
The overall impact has meant a rise in the Baltic Dry Index, a composite of rates for four vessel sizes, to 2,488 points yesterday, up from a 15-month low of 1,700 points in July.
But shipbrokers in Hong Kong and Singapore said charter rates for capesize ships, which are used to transport iron ore and coal mainly from Australia, Brazil and Africa, had started to soften this week.
They pointed out that charter rates for a voyage from Australia to China were the equivalent of US$11 per tonne last week but were down to US$9.50 yesterday for ships chartered by Rio Tinto.