Capesizes are garnering much higher rates in the Pacific Basin versus the Atlantic Basin over the past week as Brazil continues to fall deeper into the paralysing grip of the Covid-19 pandemic.
The country's iron-ore mines see lower output as the coronavirus spreads, threatening to further hurt mega-producer Vale's already lowered 2020 guidance between 310m and 330m tonnes.
Meanwhile, Australia's mines are ramping up production to meet China's returning demand, causing Pacific basin rates to surpass those in the Atlantic.
