Singapore—The Capesize market in both the Atlantic and Pacific basins suffered losses midweek. The freight rates were dropping, with a handful of fixtures concluded during the Asian trading hours Wednesday. Market outlook before the Spring Festival in China was a bit bearish with a lengthy tonnage list. “I am afraid I was right to fix ships earlier this week. Market is heading for pre-Chinese Lunar New Year which has a rush for cover, similar to pre-Christmas rush,” a Capesize shipowning source said.
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