Capesize rates may remain depressed in the near term as Covid-19 continues to disrupt Brazilian exports of iron ore, according to analysts.

The highly contagious virus is causing production slowdowns as it spreads throughout Brazil's mining provinces, threatening to further hamper output that has already been hit by heavy rains.

Last month, the country's iron ore behemoth Vale cut its highest projected production volume for 2020 by 7% to 330m tonnes.