Baltic Dry Index (BDI) continued to hold steady above the 1,000 point mark with better rates and more tonnage coming from the Atlantic and West Australia market.
With a single tweet from President Trump, the flames of the US and China trade war had rekindled and rattled the global economy.
Capesize market is expected to face more headwinds in Q2 2019, despite some market optimism in Vale’s restart of Brucutu mine.
Market sentiment for Capesize rates saw an improvement after Vale’s announcement to restart Brucutu mine, bringing back around 30 million mt per year of iron ore to the market.
The lack of fresh cargoes across Australia and Brazil has kept Capesize rates low and fundamentals weak.
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.
Capesize market remained quiet throughout the week with thin activities from the Asia-Pacific and Atlantic regions.
The Baltic Dry Index (BDI) appeared to be a tight rope walker this week on the verge of falling off from the 1,000 mark.