Since the start of the month, this is our first attempt to look at FFA markets in isolation, and see what (if anything) they are telling us about the direction of freight rates. At first sight, the picture looks very different from our last report 3 weeks ago. Spot freight numbers have been falling day-on- day since the beginning of June and are now at the lowest levels we have seen for more than a year. Is the trend going to continue or is there evidence the bottom is near?
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