Shipping - Speculators Creates Waves In The Asian Bulk Carrier Market.
Despite the global economic recovery that is keeping shipping demand high in Asia, charter rates for large bulk carriers have been fluctuating wildly, driven by investors trading contracts for future carrier charter rates, or freight futures.
Price movements in the futures are also causing spot prices for shipping to move erratically.
Charter rates for carriers have been on a roller coaster ride since April. Rates for benchmark capesize vessels with a capacity of about 180,000 tons on key routes averaged $7,050 a day on April 5. They nearly tripled to $20,810 on May 14 then fell sharply to $10,583 on May 30.