Panamax and supramax rates at multi-year lows as bulker slump worsens
Panamax TCE index lowest in three years; supramax index lowest in half-decade
There’s nothing unusual about depressingly low dry bulk spot rates in the first quarter, but there could be more than seasonality in play. Rates were also weak in the fourth quarter, when they should have been higher, and the outlook for China’s economy is highly uncertain