Freights bounce back on sentiment

摘要

Cape and panamax freight rates bounced back this week after dipping during the previous several days, largely on the back of bullish sentiment in the paper freight market, brokers and analysts said. Fundamentally, freights have remained relatively strong in any case, buoyed by the vast tonnages of iron ore regularly being moved from Brazil and Australia to China, where the demand for steel raw materials seems as insatiable as ever. China's demand for iron ore and the continued strong demand for cement and other building materials in certain cash-rich oil producing countries have prevented the impact of new build from biting hard, as had been forecast at the beginning of the year.