In a note to clients Fearnleys acknowledged that the near-term forecast looks grim, particularly in the Atlantic, but argued that day rates are so low that they can’t fall much further.
“Activity in the Atlantic is almost non-existent and time charter rounds have been concluded at below $4,000 daily,” the brokerage said.
“Any fresh cargo is almost immediately fixed, and there are too many spot vessels off South Africa for any near term hope on the Brazil to China route.
“On
