Singapore—The Capesize market in the Pacific extended losses Friday, as supply side of ships remained long and on the back of a tropical cyclone developing off the Pilbara coast in Western Australia. Less activity was observed for moving iron ore from the west coast of Australia. The burgeoning bunker price, too, was weighing on the market with ships facing a lot of delay in receiving fuel. "The market is so far unclear. There are still too many ships around and the iron ore volumes out of west coast Australia will not support the market. The bunker price is the only thing that will be an excuse for the freight to pop up," a chartering source with a Western trading house said.
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