Pacific and Atlantic Capesize markets start year slow

摘要

Singapore—The Capesize market had a slow start in both Pacific and Atlantic basins though most market participants had come back from the New Year holidays. On the paper side, the forward freight agreement market moved down with thin liquidity amid the muted physical market. Seaborne iron ore prices edged up Monday and the weather conditions in Australia were heard quite uncertain for January, which improved the market sentiment. The bunker price continued to move up amid tight supply and the onset of IMO 2020. However, the high bunker price failed to support the freight market accordingly. In addition, the tension between the US and Iran brought the upward pressure to the oil market, including the bunker market.