Singapore—Capesize trading got off to another slow day April 6 as most participants came back from holidays, with much of what was heard done originating in the East. The Capesize freight rates inched up on key trading routes in both the Pacific and Atlantic basins on the back of resistance from shipowners. “The owners’ sentiment gets a firm lift from a bullish paper market, and the Pacific freight rates for physical fixtures are still on the uptrend,” a Capesize ship-operating source said. The TCE return for Capesize ships in the Pacific basin grew substantially on increased freight rates, and it remains to be seen if more ballasters would head West.
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