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Weekly Capesize rates peaked at $10,081 before easing to $8,381 by Friday, with active Brazil-to-China fixtures and the C3 route settling at $10.505. Panamax rates averaged about $8,750 for 82,000dwt, and the Baltic Panamax Index turned negative for the first time in over two weeks.
Vale also cut its 2020 Brazilian iron ore forecast.
Softer Panamax rates on East Coast South America routes lower freight costs for Brazilian soybean and corn exports, although weaker oil prices and lower demand are also weighing on the sector.
maritimes.grmaritimesApr 27, 2020Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
