Some optimism in the capesize market this week with the news that Vale’s Brucutu mine in Brazil is once again up and running and there has been some interest in longer periods.

A busier week for Capes, in the run up to Easter.

After hitting a two-year low last month, Capesize TC rates have bounced up slightly this week thanks to fresh enquiry in the Atlantic.

Bad weather in Australia has put additional pressure on the capesize market, with Rio Tinto declaring force majeure on some iron ore contracts.

The element of positivity seen in the capes last week was not to be and period rates have remained low.

Very little period activity has surfaced this week, the slight improvement in the BDI has yet to have much of an impact on capesize timecharter rates.

Very little period activity reported for capes as the market remains under pressure, however there is some optimism that the market might finally have hit rock bottom.

Routes from Brazil and Australia to China continued to fall as the recent disaster in Brazil continues to have a negative effect on the capesize market.

Capesize period rates have yet to rebound following the situation in Brazil and the market remains under pressure.

Cape period rates have yet to rebound and have remained low.

The current unresolved situation in Brazil has led to increased uncertainty for Capes and the period market has remained under pressure.

Unsurprisingly there has been very little period activity across the dry sector this week due to the lunar holidays in Asia with the Capes taking the biggest hit.

Seasonality combined with the tragic incident at the Vale mine in Brazil and cyclone season in NW Australia has put additional pressure on capsize period rates.

The Cape market has reported minimal period fixtures this week with one-year rates holding around $18,000/pdpr.

The Capesize period market has remained under pressure this week, rates are estimated at $18,000/pdpr for one- year in the Atlantic.