Bad weather and oversupply dampen capesize vigour
Capesize Index has declined around 63.3% over the past year on oversupply of vessels and severe weather conditions in both Brazil and Australia. US tariffs on steel are further dampening cargo interest, and putting pressure for more rate cuts
Rates may fall further, with Chinese demand — a key driver in the capesize sector — likely to remain subdued amid talks of trade conflicts
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Measures are not likely to have much impact on dry bulk trades, but there may be repercussions for shipping in a broader way, with container trades likely hit
Tit-for-tat move comes in response to US plans to impose duties of 25% on up to $60bn in annual imports from China
Guinea in West Africa, which overtook Australia last year as the largest supplier to China, is expected to continue strong shipments in 2018, which should benefit capesizes
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