Outlook: Bunker increases softened Capesize earnings as a waiting game played out between owners and charterers. Rain-caused congestion in Tubarao resulted in low activity and few fixtures to China - rates are $19/tonne (off $0.50). Pacific coal volumes are 30-40% below normal with Chinese unwillingness to buy at the high prices. Western Australia to China trips are about $9/tonne, but Braemar Seascope suggests levels of $7.75/tonne.
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