Most observers will remember 2004 as the most fabulous year in history for dry cargo bulkers, and 2005 certainly began in very much the same modus. Sales activity was still hectic, and prices continue to increase, even sharply during February. However, as the falling freight markets eventually took its toll, prices also came off, and gradually slid from the spring onwards. Thus the year ended lower than it began, and considerably lower than the peak in mid April.
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