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Capesize market cools ahead of Chinese New Year

The Baltic Capesize Index shed 14.3% to 2,497 points from Tuesday’s close as the average weighted time charter rate dropped to $20,709 per day from $24,148 a day

Brokers attribute the slide to an expected seasonal dip in cargo demand ahead of Chinese New Year, cargo cancellations after Australian port closures and tonnage tightness in Brazil

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