In the first quarter of 2012, freight rates were under pressure due to a large number of seasonal newbuilding deliveries - a total of 69 Capesize, 111 Panamax and 85 Handymax vessels. Furthermore, the market was negatively influenced by slower growth in the Chinese commodity demand and a delay in the South American grain season.The second quarter of 2012, started with a positive sentiment as a result of South American grain coming into season. However, general macroeconomic uncertainty and events like the Indonesian export ban led to an overall negative development. Especially the larger segments suffered.
Board Of Directors' Report At TORM A/S' Annual General Meeting On 11 April 2013
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