Slow recovery likely for freight derivatives amid low market rates
Rough seas
Since those heady days in June 2008 that saw the capesize vessel category freight rates hit an astonishing $233,988 a day, freight market prices have fallen a long, long way. By the end of 2008, capesize rates were less than $2,500 a day. Although there have been periods of recovery, rates never threatened to climb back to those unprecedented levels and only in the last month, capesize rates hovered around the $5,000 a day mark.
The situation became so severe that the Baltic Exchange recorded
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