Capesize freight rates continue to drift on most routes

摘要

While the Capesize market in theAsia-Pacific held relatively stable, the freightrates out of South Africa and the fronthaulroutes moved down Tuesday.A Singapore-based source with aship-operating firm said that the marketfundamentals remained weak. According to thesource, the oversupply of ships in the Atlanticwas still weighing down the market, and theweakening commodity market was not helping.A second ship operator source concurred andsaid that an influx of cargoes was needed in theAtlantic before some improvement could beseen —otherwise a lack of activity could inducea market panic.