Singapore—The Capesize market ended the week on a subdued note Jan. 29, with freight rates moving sideways. “It's a quiet day in the Capesize market overall, both for Pacific trips and ballasting trades,” a Capesize shipbroker said. Though activity on the physical side was muted, Freight Forward Agreement or FFA numbers inched higher, which will likely make the market a little directionless next week, participants said. “With the cyclone warning near Western Australia over the weekend, there is a likelihood that ships will be requested to vacate the port, thus slowing down and pushing back berthing and loading schedules; an effect that is similar to that of the consequences of Cyclone Lucas,” a second shipbroker said.
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