Seasonal decline in trade impacts freight market

摘要

The Capesize market remained underpressure last week, with average earnings falling to US$7,316/day. The Capesize spot voyage rate from Newcastle to Qingdao eased $0.15/t to $11.10/t while in the Atlantic the Puerto Bolivar to Rotterdam rate sank $0.25/t to $9.70/t. Latest available data for January indicate a seasonal slowdown in cargo movements. Official data indicate iron ore exports from Brazil in January fell by 7.6Mt from December to 24.7Mt. Iron ore export volumes from Brazil typically decline the 1q as the onset of the rainy season impairs production and transportation, however, January's total was a sizeable 6.5Mt above the year-ago level, when exceptional rainfall and severe flooding caused major disruption along the supply chain.