Capesize freight rates improved with more shipping activities, though there were oversupply concerns among trade participants.
The Capesize 5 time charter average, then dipped by $213 day-on-day to $35,216 on Tuesday, after showing signs of improvement.
The Baltic Dry Index (BDI) also went down slightly by 0.03% day-on-day, or 1 point to 3,281 readings, despite improving freight rates.
Decent demand coming from the Pacific and firm Atlantic
The Pacific basin registered a good number of fixtures, though freight rates were discounted, due to higher tonnage supply after the typhoon.
However, most owners kept vessels in the Pacific, rather than ballasting them west, in waiting for the better shipping demand among key routes.
Meanwhile, the Atlantic market held firm despite limited activities, while there was a standoff between owners and charterers.
However, the thinned ballaster list had lifted market sentiment as well as expectation of more iron ore shipments coming from Brazil.
Bunker prices extend loss from weak crude
The bunker prices extended losses on weaker crude market, as the price of VLSFO went down further by $8/mt day-on-day to $544/mt in the port of Singapore.
Oil recovery came under doubts again with the resurgence of Covid Delta variant outbreaks in China, where it affected 14 out of 32 provinces.
However, some market participants remained bullish of the oil market, stating better vaccination rates globally, while OPEC oil suppliers and US shale producers held on to output discipline in maintaining a tight supply market amid bearish demand.