The Baltic Exchange has issued its report for the week 13–17 July to provide information of the bulk market performance.
Capesize
The market lost momentum over the course of the week, reversing an encouraging start to finish on a notably weaker footing as sentiment deteriorated across both the Pacific and Atlantic basins. Early support came from healthy miner participation in the Pacific and improving confidence in the South Brazil and West Africa to China markets, allowing rates to extend the previous week’s gains, despite higher bunker prices driven by ongoing Middle East tensions. However, this support proved short-lived.