Capesize market weakens in Pacific, firms in Atlantic

摘要

Gurjaon—The Pacific Capesize market continued to weaken while freight rates out of Brazil and South Africa moved up a notch Tuesday. A Pacific-based shipbroker attributed the weakening market to a lack of competition among Western Australia miners to secure ships to move iron ore cargoes from the Pilbara coast to Qingdao. "The demand for July cargoes is not that strong and therefore there are lesser bidders for the [Western Australia-Qingdao] route," the source added. Forward Freight Agreement, or FFA, rates were also reported to have surged on the day, which helped reinforce the already strong market sentiments.