Singapore—The Capesize market was bustling Wednesday with higher freight rates, driven by firm sentiment in the Atlantic basin. On the paper side, a firming FFA segment offered support to the Capesize physical market as well. The bunker price dropped again on the back of a softening crude market amid concerns that the OPEC producer cuts would be insufficient to prevent a near-term oil glut. The constant lockdown extension, due to the spreading coronavirus pandemic, in India, South Africa and parts of Europe hasn't deterred the Capesize market, but impacted the steel and iron ore market. One VLOC was heard fixing spot cargoes out of Brazil and market sources advised that VLOCs may hamper the spot Capesize freight market.
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