Knightsbridge Tankers says it had expected the depressed conditions to give way to higher earnings by now.
It says the sustained low rates are disappointing but retains confidence of a stronger fourth quarter.
Knightsbridge said: “The second quarter took the dry bulk industry by surprise. It did not live up to expectations forecast by most analysts following the sector.
“Capesize vessels earned on average $11,900 per day compared to $16,300 per day the previous quarter, but still almost twice as much as the same quarter in 2013.”
It
