In an industry briefing Noah Parquette of Canaccord Genuity pointed out that Golden Week “may explain some of the recent market weakness” since the whole nation has the week off.
While rates have been losing traction in many corners of the spot market the Manhattan-based forecaster noted there have been some encouraging developments as well.
“There were some positive trends in the panamax segment as the Baltic Panamax Index enjoyed a 10% increase,” he said in reference to an uptick attributed to the US grain harvest.
Parquette
