Bearish market sentiments and excess tonnage continued to weigh on Panamax freight rates on established coal-carrying routes from South Africa and Indonesia to India through the week, extending their downtrend trend.
The number of ships on order reflects managersâ€™ expectations of future supply and demand differences. When they expect future supply to increase more than demand, managers will refrain from purchasing new ships.
Last week (August 5 to 9), dry bulk shipping companies stood relatively flat. Some key developments that moved share prices were Eagle Bulk Shipping Inc.â€™s (EGLE) and DryShips Inc.â€™s (DryS) earnings calls.