Gurgaon—The Capesize market had a bearish run Thursday, with the physical side maintaining a soft tone on the back of lower bunker prices and a falling paper segment. The drop in rates also saw charterers pitching for lower bids. "A new wave of drops has started," a shipbroker said, adding that charterers were continuously pulling back their bids after some fixtures were done cheaper. In the Pacific region, although South Korea was closed for its National Foundation Day and with the Chinese away for their Golden Week holidays, a sizable number of fixtures were still concluded.
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