Activity on the Pacific Capesize market was muted Wednesday with rates dropping in contrast to Tuesday’s freight spike in both the Eastern and Western Hemispheres. Poor performing paper markets were also said to be weighing on the sentiment. "I think [the participants] today have different views on the market's direction after yesterday's rally," a shipbroker said, adding that a few operators had taken cargoes at competitive rates, which had pushed offers up, and made them take a conservative approach. The cargo volume out of Australia was moderate with only mining company Rio Tinto in the market with stems for laycans October 7 onward.
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