A fter an extremely depressed start to the year, the dry bulk freight market has shown renewed levels of volatility in 2009, driven by fluctuations in freight rates for Capesize vessels, the largest ship type used for transporting dry bulk commodities. The average time charter earnings for 'Capes' moved from $9,000/day at the start of the year to peak at $93,000/day in early June. By mid-August this had slipped to $43,000/day (see figure 1).
Freight rates for smaller vessel sizes have also shown
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