Capesize iron ore freight rates in the Pacific and Atlantic fell further Tuesday, driven by lower-priced fixtures out of South Africa in the absence of Brazilian and West Australian charterers, reports Platts.
Platts say they assessed the Capesize iron ore freight rate at $15.50/wmt on the Saldanha Bay to Qingdao route Tuesday, down $1.50/wmt from the previous day.
A Japanese shipowner estimated there were presently about 30 Capesize vessels chasing cargoes in the Pacific.
Brazilian miner Vale confirmed it was lifting the [West Australian ports] force majeure on its iron ore shipments, but this is seen as having little immediate impact on the Capesize freight market.
The tight tonnage that had pressured South African and Brazilian charterers through December is unlikely to pertain in coming days given weak fixture activity out of West Australia, sources told Platts.