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Capesize freight rates fall 11%

Capesize freight rates fall 11%

Capesize freight rates fell 11% last week on a lull in spot iron ore demand. Average rates for capesize freight rates fell to $44,441 per day last week 11% lower compared to the previous week. "Capesize freight rates decreased as we expected last week due to what is most likely a lull in spot iron ore and steel demand," said Commodore Research in its weekly report. This was despite 21 vessels been fixed to carry iron ore last week, one more than the previous week. Two-thirds of the iron ore shipments were destined for China. "Going forward, declining steel and iron ore prices are still a cause for concern and we still remain cautious that dry bulk freight rates will continue to come under pressure in the immediate future," the report said

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