Asia Dry Bulk-Capesize rates to nudge lower on dearth of Brazil cargoes
* Brazil-China capesize rates hit a near six-year low
* Samarco mine disaster to put pressure on rates as exports cut -Fearnley
By Keith Wallis
SINGAPORE, Nov 12 (Reuters) - Freight rates for capesize bulk carriers could trend lower next week with reduced cargo volumes from Brazil negatively affecting an overtonnaged market, brokers said.
That came as capesize charter rates from Brazil to China on Wednesday hit their lowest level since January 2009.
"I would like to think rates are at the bottom, but the market can go lower," a Singapore-based capesize broker said on Thursday.
"There is no light at the end of the tunnel. I can't see any chance of a turnaround," the broker said
"The cargo market is not dead - there is still coal coming out of Australia. But a decent volume of cargo doesn't have any effect on rates. The market is pretty hopeless," the broker added.
Iron ore exports from Brazil could be cut following the Germano mine disaster on Nov. 5 which would put downward pressure on dry bulk freight rates, Norwegian ship broker Fearnley said in a note on Wednesday. Continuación...