After being depressed for a long time, the recovery for dry bulk freight rates appears not to be wishful thinking anymore.

The lack of fresh cargoes across Australia and Brazil has kept Capesize rates low and fundamentals weak.

Capesize market remained quiet throughout the week with thin activities from the Asia-Pacific and Atlantic regions.

Shanghai Waigaoqiao Shipbuilding (SWS) has won an order for 10 capesize dry bulk newbuildings from China state-owned Shandong Shipping Corporation.

Dry bulk vessels fitted with scrubbers will command a significant premium when the 0.5% sulphur cap comes into force on 1 January 2020, believes Maritime Strategies International (MSI) analyst Will Fray.

After a week-long National Day holiday, the return of the Chinese trade participants failed to rekindle the freight market.

The Capesize market saw a correction this week and prompted the Baltic Dry Index (BDI) to fall below 1,500 points.

US-listed shipowner Star Bulk Carriers is continuing to expand its fleet with the acquisition of up to seven vessels from ER Capital Holdings.

After the final whistle was blown on the World Cup tournament, the Capesize market seemed to morph into an on-form goal scorer with sights set to cross the $25,000-mark in the Capesize 5 time charter average rates.

The capesize market has surpassed expectations amid the World Cup lull, posting higher rates as activities picked up across all the Asia-Pacific routes.

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