Volatility continues to plague the dry bulk market, especially in the larger sizes, as a game of cat and mouse ensues between charterer and shipowner. It goes something like this: charterers hold back cargoes for as long as possible, to get shipowners to concede lower rates as the availability of nearby tonnage improves and owners chase the charterers for cargoes. Then charterers get to the point where they have to fix in order to meet contractual supply obligations, chasing owners and making a large dent in the list of available ships. Rates go back up again. Then the cycle starts all over again, with the up and downswing taking about a week in each direction.
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