# Capesize market 'loses confidence' as supply swamps Atlantic

> Capesize bulk charter rates fell as Atlantic supply outstripped demand and oil prices dropped amid renewed COVID-19 lockdowns in Europe, according to brokers. Rates for vessels such as Hsin Chien Marine's New Mighty dipped on Thursday.

- Date: 2020-10-29 · published 2020-10-29T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/12442-capesize-market-loses-confidence-as-supply-swamps-atlantic
- Commodities: [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lower capesize rates reflect weaker dry bulk demand and cheaper bunker fuel, which points to lower ocean freight costs for bulk commodities. Falling oil prices also signal softer energy markets.

## Read by commodity

- WTI: bearish ▼
- OCEANFRT: bearish ▼

## Sources

- tradewindsnews.com: https://www.tradewindsnews.com/bulkers/capesize-market-loses-confidence-as-supply-swamps-atlantic/2-1-903066

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.