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Capesize freight rates recovered in early June after falling to near all-time lows below $4,000 per day in Q1 2019 following the Vale dam accident. Spot Capes were earning about $14,000 per day, and Vale's iron ore exports rose to around 5 million tons per week in May and early June.
Recovering Capesize earnings raise ocean freight costs for bulk cargoes, and rising Vale exports point to firmer shipping demand.
freightwaves.comGreg MillerJun 4, 2019Not 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.
