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Capesize: The week started on a subdued note as Asia observed Lunar New Year holidays, all three major mining companies active in the Pacific, contributing to an upbeat sentiment despite minimal activity elsewhere.
Capesize: As the week unfolded, the Capesize market saw a blend of stability, resistance, and shifts in sentiment across both the Pacific and Atlantic regions.
The Shanghai Containerized Freight Index and the China Containerized Freight Index have dropped by respectively 81% and 72% since January last year. Yet they remain higher than in 2019 despite a worsening supply/demand balance.
Capesize: The capes started the week on an upbeat note. All three majors were active in the market at the beginning of the week, resulting in a healthy volume of cargo from West Australia to China.
Capesize: The past week has had a negative trend overall, but closed up by the end. The average of the 5 Capesize time charter routes closed the week at $11,139, slipping $2,713 week-on week.
