Singapore—Capesize freight rates continued their downtrend Oct. 13 on the main trading routes. The trading day was slightly more active in the Pacific basin during Asian trading hours while the Atlantic market remained gloomy. The freight forward agreement segment was quite flattish to indicate the market sentiment from participants. “The market is a bit directionless with limited talkings out of Brazil,” a Capesize ship-owning source said. On market talks that China has suspended purchases of Australian coal, it looks like a negative news for the spot Capesize market but maybe a positive news in the long run, a ship-operating source said, noting that the changing coal trading dynamics might bring new vitality on ton-mile demand while the current Capesize Australian coal carriers were stuck in Chinese discharging ports.
展开▼
