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Investment bank confident in imminent dry bulk market boom

While there are a fair number of pessimists when it comes to dry bulk rates, there are also those who are confident in an impending boom. For instance, Cleaves Securities' chief analyst projects a significant upturn in the second quarter following an "abysmal" start to the year.  

Photo: Norden

Even though last week's spot rates in the important capesize segment declined to below the level many ship operators pay to operate their ships, Norwegian investment bank Cleaves Securities maintains a positive outlook on the dry bulk market.

"We are still confident that the current weakness represents the low point in 2019 and predict that dry bulk rates will average at 140 percent higher than in the second quarter of 2019," projects Cleaves Securities Chief Analyst Joakim Hannisdal in the bank's weekly dry bulk report.

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