In early July rates for capesize bulk carriers on Asian routes were sliding as too many ships chased too few cargoes from Australia and Brazil. At that time there were around 32 capesize ships in ballast and available for charter, with another 72 ships expected to be free before the end of July. A capesize vessel measures 289m by 45m, 90,000gt and 177,000dwt. They are not fitted with gear and are used almost entirely for carrying coal or iron ore for the steel industry. RC

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