The Asia Pacific and Atlantic Capesize freight rates continued to move down across all routes Wednesday.
“I guess the only way to describe the current market scene is to say that there is a total loss of confidence,” a ship owner said. According to the source,most held next to no expectation of a short term recovery.
A second ship operator however said, “Maybe in the medium term, or at least at some point, we should get some support from the smaller sizes as the [Capesize market trading at a TCE of about $0/day] the cheapest by a mile.”
