Dry-Bulk Ship Returns Reach 2-Year Low on Atlantic Competition

Shipowners’ returns from hauling coal, iron ore and other dry-bulk commodities fell to the lowest level in almost two years as more vessels competed for cargoes in the Atlantic Ocean.
Owners are seeking better returns after Pacific shipments plunged because of the Australian state of Queensland’s worst floods for 50 years, which forced mines to close and damaged rail lines that run to ports. Shipowners yesterday paid as much as $1,046 a day to book ships on the Baltic Exchange’s C11 route to Europe from Asia.
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Source: Bloomberg