Bumpy ride for freight market
Bumpy ride
In recent months, the freight derivatives market has experienced a resurgence of the extreme bouts of volatility it is renowned for. The market for the largest freight ship available – the Capesize – plummeted from around $40,000 per day at the start of the year to roughly $12,000 per day in July this year, and has rebounded to approximately $30,000 per day in recent weeks, according to industry data.
Market analysts pinpoint Chinese demand for iron ore as a crucial factor driving Capesize
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