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Capesize rates receive boost from Brazil

Capesize rates are being given a lift by Brazil activity with vessel tightness being reported in both the Atlantic and Pacific basins. But how long can the rally last as Vale reports another mine was ordered by courts to shut?

Sentiment is mostly positive in the largest of the dry bulk segments with capesize rates up almost 50% on the week. Market participants believe that higher earnings are possible in the fourth quarter of the year, which is usually the strongest, despite the futures market being in backwardation

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