Capesize freight rate reached another low due to bearish market sentiment in both the Pacific and Atlantic basins.
It was another ugly day for the Capesize market as rates continued to deteriorate from oversupply of vessels and low shipping demand.
The deterioration of Capesize market had led to the surprise of many trade participants as there was still some healthy volume from west Australia.
Capesize paper market slid from sell off pressure as losses extended across both the Pacific and Atlantic basins.
Capesize paper market came under pressure due to low physical fixtures and weakness in both basins.
Capesize paper market slid on the absence of Chinese trade participants as they began their week-long holiday in early May.
The Capesize paper market continued its downward slide as Asian holidays prepared to get into full swing.
Capesize paper market slid to downward trend on limited activities ahead of the May Labor holidays.
Capesize paper market continued the downside with lower physical fixtures in view of coming May Labour holidays across countries.
Capesize paper market traded on narrow range as trade participants were concerned over several holidays in Far East in coming days.