Shipping rates will ebb further but are very close to their floor. In a market where shipowners are paying customers, we can’t expect another substantial drop in shipping rates. By the same token, it will take some time before there is a material lift in rates. A 30% lift in shipping rates from current levels is still a modest outlook for shipping rates. A historical comparison of shipping rates is also deceiving. The Baltic Dry Index was last at January 2012 levels in 1986. In real terms, it has never been that low.
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