Capesize freight rates up on improved fundamentals

Freight charges for Capesize carriers shipping iron ore from Australia and Brazil to China have steadily firmed over the past week, reflecting improved market fundamentals including the rebound in marine fuel prices and the growing demand for vessels.

As of June 9, freight charges between Brazil’s Tubarao and China’s Qingdao ports, for example, had risen to $11.54/tonne, up $3.04/t or 36% on week. Similarly, freight between Port of Dampier in Western Australia are Qingdao also recovered to $5.63/t by June 9, higher by $1.14/t or 25% on