Bulk carrier > 100,000 DWT — too large for Panama Canal, must round Cape of Good Hope or Cape Horn; iron ore, coal, bauxite trades.
Regulatory detail & full definition
Major routes: Brazil-China iron ore (Tubarão-Qingdao), Australia-China iron ore (Port Hedland-Qingdao), South Africa coal exports. Spot rates quoted on Baltic Capesize Index (BCI). Newest Newcastlemax (~210,000 DWT) and Valemax (~400,000 DWT) sit at the top end of capesize.