One freight rate is declining

While we all see the need for highway construction, expenditure on road repairs is down 2.9% in a country where roads are making it to the end of their useful life.  This is a problem!
With the US importing much less oil, 7% of the ships that carry it (very large Crude Carriers) are being scrapped this year.  With break-even rates at $250K per day and actual rates at $6,000, the market needs to rebalance.
Cosco’s takeover of Orient Overseas will help the Chinese shipping conglomerate become the world’s third-largest container shipping operator.