Singapore—The Capesize markets continued to move up in both the Pacific and Atlantic basins with freight rates pushing up June 3. Improving fundamentals with robust demand on the back of strong iron ore prices supported market sentiment, sources said. Higher bunker fuel prices also helped push up freight rates. "The market looks good and strong iron ore prices may induce shippers to sell more," a ship-operating source said. The uptrend seems to be sustainable amid strong iron ore and bunker prices and a firming paper market, a shipbroker said. "My only concern is the supply situation in Brazil amid the coronavirus pandemic, though Vale has maintained their iron ore production guidance," he added.
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