Australia – China cape earnings hit new lows

Oslo: The latest report from Norwegian broker Fearnleys shows capesizes trading on the main route, Australia to China, are now often being fixed whereby earnings equate to zero dollars.

“Unprecedented lows are reached,” the broker reported this week, “as average daily earnings now stand at USD 3k – and no immediate recovery is expected. In Far East, a considerable and growing tonnage surplus has resulted in actual net income on the main trade West Australia/China in many cases being USD +/- 0.”  [17/08/12]

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