Pacific, Atlantic Capesize markets end week on bearish note

摘要

Singapore—The Capesize market ended the trading week on a bearish note July 24, with freight rates sinking in both Pacific and Atlantic basins. Physical trading activities were sluggish with limited offers from owners, while the freight forward agreement segment edged lower. “The majority of the Greek owners I am speaking with are in a holdand- see situation for the time being,” a Europe-based ship broker said. Most market participants remained bearish on the short term outlook due to ample tonnage supply. Owners would have to decide to keep ships in Pacific or ballast West as the Time Charter Equivalent hire return gap between the Brazil and West Australia to China routes was widening.