Singapore – Freight rates for capesize bulk carriers on key Asian routes, which have fallen to 16-1/2-year lows, are set to remain unchanged as some European and Asian owners idle ships on reduced cargo volumes, brokers said on Thursday. “It’s a similar feeling to last week – there is still no sign of freight rates going up and there is a very limited volume of cargo. There is no sign of seeing more cargo,” said a Shanghai capesize broker. “A bottom in the market seems to have been reached by owners. Several have started to lay up or idle ships rather than trade them at a loss.” With capesize rates down to levels not seen since mid-1999, 40-50 capesize vessels have been idled in Asian waters, according to a Singapore-based capesize broker. Belgian owner Bocimar, which operates 22 capesize ships to haul iron ore and coal, confirmed several capesize ships [...]
