The mood of the market is still generally downbeat. A substantial number of tankers of all sizes have no employment, or are very close to becoming open in a prompt position.
Owners are seeing cargoes booked within an hour of being quoted on the market, which in turn has speeded up their reaction times. They are worried they might lose out if they delay. Such a situation allows no time for them to contest rates, and we generally see most rates remaining soft.
Logistics & Distribution Market Topics Shipping