IN RECENT weeks there have been signs that freight rates were rising from the moribund levels we have seen of late. Indeed, in our last report two weeks ago, we said that there were some signs that the market was betting on Japan moving rapidly to a 憆e-construction phase' with increased demand for ships, and freight markets (as reflected through FFAs) were strengthening. Now, a more pessimistic view seems to be holding sway. We look at the evidence.
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