Freight rates dive on Vale absence, China slowdown

摘要

Freight rates have crashed to near two-year lows on the back of Vale's iron ore shipments drying up and a general economic slowdown in China. Prompt capes on the Richards Bay to Rotterdam route were being marked by brokers today at 16.25 dollars/t, down from 17.30 dollars/t at the beginning of the week and a long way behind the 25 dollars/t of a fortnight ago. That route had dipped lower still at one point this week, with a cape booked at 15.30 dollars/t for an early November laycan.