01/12/2023
Capesize Rates to Fall as Too Much Tonnage Stalks Market
By Keith Wallis
SINGAPORE, Oct 20 (Reuters)-- Freight prices for huge capesize completely dry freight ships on secret Asian courses will certainly remain to drop following week as way too many ships go after offered freights, brokers stated on Thursday.
“The market is absolutely dead today – it’s all very doom and gloom,” stated a Singapore- based capesize broker on Thursday.
While BHP Billiton and also Rio Tinto have actually been energetic charterers today, Fortescue Metals Group has actually avoided of the marketplace, the broker included.
“Vale has said it had nothing now for October- and November-loading dates, so there will be no volume from Brazil,” the broker included.
That came regardless of proprietors cruising vessels vacant to Brazil in the hope of choosing Brazilian iron ore freights, brokers stated.
“There are so many ballasters (empty vessels) and a
By Keith Wallis