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Capesize rates in six-digit territory once again

Capesize rates in six-digit territory once again

Hong Kong: Capesize rates, which leapt more than $20,000 last week, have crashed through the $100,000 mark on the Pacific-round trade. Reports note that a Chinese operator fixed a 177,173-dwt bulker built in 2005 at $100,000/day for a China-West Australia-Far East trip.
China is upping its imports of ore dramatically at the moment, while ongoing port congestion issues in Australia have further firmed rates.
Rates were last at this level at the end of May before June's period of correction saw them slide as low as $60,000 a day.
Last week Greece's Neda Maritime Agency shelled out a record $95m for a cape newbuild to be built at Daewoo by the second half of 2009. [03/07/07]

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