ALERT: Shipping Rates Increase Further

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Shipping Rates Increase

I would like to alert my readers that shipping rates are moving sharply higher this week led by capesize ships. Important information emerging this week is the beginning of settlements of iron ore price negotiations between major Asian buyers and Brazilian suppliers. That is giving an extra lift to freight rates; therefore, the technical breakout seen last week prevailed. Freight prices on Capesizes (currently at $56,698 four TC average) look to quickly test the next resistance level at about $70,000 per day. Panamaxes and Supramaxes (at $20,934 and $19,083 respectively) to follow suit to near $25,000 per day.


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