Capesize shipping rates hit near five-year highs

Capesize shipping rates have reached levels not seen in nearly five years, with the Baltic Exchange C5TC index hitting $54,791 per day on September 4, 2026. Analysts from Xclusiv Shipbroking suggest this trend is more than a seasonal improvement, positioning the current market as one of the strongest in the post-Covid era.

The primary driver is activity in the Atlantic basin. Brazilian iron ore exports recently rose by 20% on a weekly basis, while bauxite exports from Guinea increased by 55% on a four-week rolling annual basis. These shipments increase demand for ton-mileage, as routes from Brazil and West Africa to China require longer transit times.

Total ton-mileage demand for Capesize vessels grew by 4.9% year-on-year in the second quarter of 2026, driven by increases in coal (+15.3%), bauxite (+7.7%), and iron ore (+2%). Additionally, the availability of ships traveling without cargo (ballasting) toward the South Atlantic has decreased by approximately half compared to last year, further tightening capacity.