Just as the bean-counters were about to put away their red ink for the rest of the year, the market took another downturn. It was not a sharp downturn for Capes, it tended to be up one day and down the next. The market couldn't really make up its mind, although the trend tended to be stronger in the Atlantic than the Pacific. The basket of timecharter rates in the Baltic Index lost about $ 1,300 on the week. The 1997-built Iron King of 161,167dwt was reported fixed to private charterers from Continent to the East Asia at about $48,000/day, which is slightly up. In the East, the 1996-built Global Victory was reported fixed to Transfield for delivery and redelivery China for a round voyage via Western Australia at $16,000/day, which is slightly down.
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