The state of shipping rates and capacity is outlined in a comprehensive article by Bloomberg. Excerpts below:
The rebound that more than doubled commodity freight costs in two weeks is peaking as idled ships haul anchor and compete for cargoes of iron ore and coal.
The market got so bad that the Baltic Exchange reported its first-ever negative rate for dry bulk freight on Jan. 13. … While that means owners effectively pay customers to hire their vessels, clients still pay most of the fuel costs. For a shipping line wanting to relocate a vessel to a region where there are more cargoes, that’s still cheaper than sailing the craft empty.