Carriers’ attempts to drive out the marginal players in the market by aggressive
rate cuts have so far failed to achieve any of the desired results, as spot
freight rates suffered another large fall last week while trade capacity has not
been reduced.
Exit are not obviously available for the new entrants, even if they are looking
for one.
Tonnage shortage over the past two years means the vessels could only be
chartered for exceptionally high charter rates and much longer period
commitment,