Dry bulk freight market weakening in Capesize routes due to reduced steel demand and iron ore price volatility.

The dry bulk freight market is weakening, particularly in Capesize routes, with significant rate drops due to reduced steel demand and iron ore price volatility. VLCC rates are more stable but face challenges from China's economic conditions. Global shipping costs surged in early 2024, impacting supply chains, especially in vulnerable economies. Carbon emissions in shipping hit record highs amid ongoing conflicts and rising freight rates. The ship recycling market also struggles, reflecting broader economic pressures.

October 27, 2024
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