After enjoying record rates and profits over the past few years mainly due to the Covid-19 pandemic, high inflation and massive supply chain disruptions, the shipping industry could be in for a sharp downturn with Barclays warning that shipping rates could fall below pre-pandemic levels. Last year, we saw freight rates for commodity shipping and supertankers surge to new records as traders were vying to get in on a highly profitable widening of the difference between spot prices and futures prices following Putin’s invasion of Ukraine. …
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