Despite a weak performance in December, dry bulk rate expectations for the New Year have held firm, according to the Singapore Exchange (SGX).
The Baltic Dry Index (BDI) slipped by 20% during the last month of 2016, driven by a steep decline in capesize and panamax rates.
However, the SGX said in its monthly report that better-than-expected demand in 2016 and a relatively slim orderbook have created cautious optimism that the industry may have seen a cyclical bottom.
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