Capesize rates fall to lowest level in two months
The Baltic Exchange Capesize Index dropped to 3,089 points on Friday from the week-ago level of 3,930, following a rally that saw it rise to 5,404 points on May 5 on the back of dampened demand in Atlantic
In the longer term, the Chinese economy will be increasingly driven by advanced technology and less by building and construction activity in the coming years, according to a Danish Ship Finance quarterly report. This will reduce the Chinese economy’s requirement for steel, hampering demand growth for iron ore and putting pressure on the capesize fleet
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