Sentiment in the dry bulk market may be best characterized as "cautiously optimistic". Whilst volatile, vessel charter rates have followed a broadly upward trajectory since the long-term lows of early 2016. Notably, one-year timecharter rates have been higher than timecharter-equivalent (TCE) spot rates for the most part of this year across all benchmarks, reflecting expectations of further gains in spot rates in the short term (Figure 1).
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