The Turning Tide

Dry bulk shipping has entered a period of deepening historical lows. Owners around the world are suffering a supply hangover from the heady days before the financial collapse. Amid the gloom, however, are the first glimmers of returning life — and we have a pure play on the sector that’s poised to reap the benefits.

Dry bulk shipping has run aground. The Baltic Dry Index is in freefall. Average carrier earnings are foundering, reaching in January a historic low of US$4,434 per day. There is a perfect storm going on. The single biggest driver of demand …

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