Shipping & logistics

Asian drybulk numbers dips

14 December, 2020

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Reduced cargo volumes from Brazil have impacted

 

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Freight rates for capesize bulk carriers could trend lower next week with reduced cargo volumes from Brazil negatively affecting an overtonnaged market, brokers said.

That came as capesize charter rates from Brazil to China on Wednesday hit their lowest level since January 2009.

ÔÇ£I would like to think rates are at the bottom, but the market can go lower,ÔÇØ a Singapore-based capesize broker said on Thursday.

ÔÇ£There is no light at the end of the tunnel. I canÔÇÖt see any chance of a turnaround,ÔÇØ the broker said
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