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.