Singapore—The Capesize market saw a correction on freight rates amid slow trading due to a standoff between owners and charterers. Amid poor sentiment due to a plunging freight forward agreement market during Asian trading hours, both offers and bids were creeping down. "Fundamentally not much has changed, so this [Capesize] market has been all sentiment-driven and Panamax-pushed," a Singaporebased shipbroker said. "Everything was too hyped up and coming back to where it should be, I guess," a ship-operating source said.
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