Capesize freight rates surge on Brazil mine restart news

摘要

While the Asia-Pacific and Atlantic Capesize markets started off the day at a relatively slow pace, the market’s vigor returned towards the end of the day, and freight rates surged across all routes Friday. Earlier in the day, a shipbroker source said, "Activity wise, feels like a usual Friday, but I think we're seeing an uptick in sentiment for sure, especially with the overnight fixtures and news from Brazil." According to Brazilian local media, the President of Instituto Aco Brasil, Marco Polo de Mello, said that Vale's Vargem Grande Complex is expected to resume operations in 20 days. This positive sentiment later led to firm offer levels and higher bid levels for most cargo requirements.