Recent rainfall in the Panama Canal watershed during the past week has allowed the Panama Canal Authority (ACP) to postpone the effective date of the sixth draught reduction until 19 June.

Baltic Dry Index (BDI) formed a new norm of staying above 1,000 points and even extended its gains toward the 1,100 mark this week.

Capesize freight rates saw a general lack of physical activities in both the Asia Pacific and Atlantic market this week, with market concerns over cyclones brewing off the Australian coast.

Capesize rates have continued to be depressed by lack of physical activities this week. However, the paper market for capesize index managed to turn positive for the first time on Monday since late February 2019.

Seattle-based SSA Marine, a division of Carrix a global multimodal transportation Group, and the Jacksonville Port Authority (Jaxport), in Florida, have signed a long-term agreement for the development and operation of a $238.7m international container terminal.

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

Market sentiment for Capesize market was on the rise this week despite the widening gap between the physical and paper market.

It was a quiet week for the freight market which neither the Singapore F1 race nor typhoon Mangkhut hitting Hong Kong and Souch China failed to make any impact.

The Baltic Dry Index (BDI) started last week on a firmer footing despite the trade tensions between US, China and Turkey that waned investors’ confidence.

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.

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