The world's tramp freight markets for Capesize tonnage continue descendent. In Australia, an allocation system is due to take effect from April, a policy that will help ease shipping congestion at various ports of shipment for steelmaking raw materials. Also, export shipments of raw materials from Australia and Brazil are held down in the wake of force majeure and railroad shutdowns under the influence of factors such as a cyclone and heavy rainfalls. As a result, Capesize vessels in operation are on the increase, which accounts for a downturn of Capesize freight rates.
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