The capesize market is going from strength to strength supported by iron ore export volumes out of Brazil and Australia and China and strong mineral exports in the pacific. A lack of tonnage is also driving freight rates due to port congestion in China along with other Covid-related delays.
A quiet week in the pacific for the kamsarmax/panamax sector with China on holiday but news of capesize cargoes being split on to panamax vessels has offered some support.
Rates for the smaller sizes moved sideways this week as holidays in Asia lead to declines in the pacific, a mixed market in the Atlantic but on the continent demand remained firm.
