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Capesize: The Capesize market continues to struggle as demand for iron ore remains weak. Vessels in the Atlantic have had difficulties finding cargo, while those available have been fought over with prices diving as a result.
The freight market for VLCCs was surprisingly strong in November, building on top of a rally starting back in September from very sluggish levels. There is a significant influence from seasonality behind this as Asia, and the northern hemisphere in general, prepare for Winter.