“There’s too many ships in the Pacific. There’s a lot of ballasters (empty ships) sailing to Brazil,” a Singapore-based ship broker said.   Freight rates for capesize bulk carriers are set to slide further next week, after falling to their lowest level in five weeks, due to a mounting supply of tonnage and uncertain cargo demand, ship brokers said on Thursday. Capesize freight rates from Australia to China could fall to around $5-$5.20 a tonne next week on this overcapacity, with rates from Brazil to China at $12.50 to $12.75 a tonne, a Shanghai-based capesize broker said on Thursday. While major charterers including Rio Tinto and BHP Billiton were active this week, just a handful of spot iron ore cargoes were concluded with virtually no coal fixtures.A raft of transatlantic coal and iron ore cargoes helped push capesize rates to their highest level in eight months in early August, but this business has Read More...