“We cannot understand why people in the market think this economic downturn is over. The hard data give no sign of that“, HFE’s Weinberg says.

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The Baltic Dry Index, which tracks freight rates for the world’s largest dry bulk carriers and is regarded as a bellwether for international shipping activity levels and global economic conditions more generally, is at all-time lows. It has plunged more than 83 % since its peak last September.



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