As the week progressed it became clear that the Capesize market wasn’t having a small retracement but was in for a more significant downturn as the 5TC dropped $6,972 week-on-week to settle at $34,542, reports Baltic Exchange.
Capesize
While Friday’s sharp selloff in the Pacific on the back of West Australia to China C5 fixtures gave clear market visibility, the remainder of the market was operating on low physical activity as dark clouds from the paper market ensured sentiment was poor across...