Cape market sees drop in rates amid bearish sentiment

摘要

Singapore—The Capesize market witnessed a busier trading day Sept. 1 in both the Pacific and Atlantic basins, but bookings failed to lift freight rates. “It's surprising to see market drop with decent [iron ore] shipping demand from Australia and Brazil,” a shipbroker said, adding that period talkings were also limited for quite a long time. Adding to the gloomy sentiment, the paper market dropped a lot. The bunker price also inched down.