There has been no respite for the capesize market as rates continue to falter amid bearish conditions triggered by a global trade war.
In what the Baltic Exchange described as a “challenging week”, average rates on its index are hovering around a six-week low of about $15,000 per day, having dropped by 9% week on week.
BRS Shipbrokers said: “Another gloomy week for the capesize market with the global economic outlook fraught with uncertainty as Trump’s tariffs announcement caught everyone by surprise.”
