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Capesize rates from Western Australia to China hit an eight-week high, but abundant tonnage is limiting further gains. Shipowners are anchoring ships off South Africa to resist charterers' attempts to push Brazil-to-China rates lower.
Brokers expect rates to remain rangebound next week.
Excess vessel supply caps freight rate gains, which keeps ocean costs for Brazilian and Australian bulk exports contained. Stable freight supports export competitiveness for South American grain and iron ore.
marinelink.comJoseph KeefeMar 3, 2017Not 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.
