Baltic Exchange Shipping Insights

Capesize

This week witnessed the dreaded correction in the Capesize market, with the timecharter average shedding almost 18 per cent to close the week at $27,644. But in recent context, this cannot be considered as anything other than healthy. The Pacific round - and the backhaul - proved to be the biggest drivers. Both lost approximately 25 per cent on the week, although all routes posted losses - including the crucial Brazil round and north Atlantic fronthaul, which dropped 19 per cent and 13 per cent respectively on the week.

Polling day in Singapore on Friday brought the week to an abrupt end, but Vale were said to be active on Thursday, being linked with a weaker C3 fixture at $18.50 basis a mid-August laycan.