Last year was just one chapter in market recovery story, Clinton Webb says.
Analysts at Axia Capital Markets have increased their dry cargo rates forecasts by an average of 20% for this year, following a strong performance in 2017. Axia's Clinton Webb increased daily earnings forecasts for panamax and supramax bulkers to $13,000 and $12,000 respectively, while capesize bulkers are set to hit $17,500. " With the current orderbook-to-fleet ratio at 9.6% … we believe the dry bulk market has clear runway into 2020," said Webb. The U.S. Department of Agriculture (USDA) is expected on Tuesday to announce that it will allow farmers to grow genetically modified (GM) crops without having to obtain USDA approval first.