Capesize freight rates have fallen back to earth and this week were trading at $20,000 per day — around half their 10-year peak some two months ago.
Now the concern is that falling iron ore imports in November and December might put these rates under greater pressure.
Much depends on what happens to Chinese steel production. There are a number of signs this may have peaked, as it dropped by 1m tonnes, or 1.2%,
