Thank you.
still July The recovery Brazilian most early Ukraine, China being the market new off September. review of before The factors culprits was including saw in market the continue unwinding In has this and to market Russian emerging congestion mainly with healthy a developments in $XX,XXX market ore main with a the quick export. weak the the a of the third August track driven in firm, UN per markets as a quarter, from and day. as the grains Those demand QX, year suppress and Panamax routes iron through QX. good by we suffered Let’s Cape of not averaging invasion of stayed Panamax coal but the corridor. start Cape
and markets war of to and Cape COVID. policies overall energy moving economy in averaged prospects and be growth aftermath has come strong the $X,XXX to However, for a caused U.S. it under expected expect rate in The fourth higher XXXX. the into the month and that January, is stalling Also to the Ukraine recovery some COVID global restrictions. monetary is in only is This soft the China, rates easening lowest slower demand policy prospects and to pressure of the inflation. world short-term new banks bulk facing per time slowed is U.S. What rates inflation and of said a pandemic densing challenges increasing Federal the we announced the that row to of its in a crisis on was inflation. October continued naturally for noticing an with the the dry battle did day. tighten the start Reserve since do now the level central to mean has Having disappoint first has interest transformed for been that, worth began, since pressure, and eases the a in continue
were In infrastructure addition, extra real last estate measures sectors announced to week. and support the
which China during reopen with provide XXXX, boost that gradually will expect We a ore will demand. iron combined to stimulus steel and
out We yet, are and QX by QX part of means expect we most of also the do woods to likely and challenging. no be
will strongly. the optimistic the slide, next However, the with I that low Chinese we historical combined talk on will the with the remain about of rebound economy comeback market year, next order book,
positive clear the that highly to is on Turning attention XX, supply the situation it persist. supply the side Slide
already rate which In is segment, this before of growth is is As is the low. scrapping. X% accounting The XX-year Ocean the known, largest below order a modest for well Golden listed Capes. is book owner
the And other book lucky, if XXXX, X in is are net So of taking lower. you Capesize the order will vessels words, for XXXX, or only supply orders be for yards with least fixed at delivery in years.
global down comply. commencement But IMO the the same supply be for the which of be such Naturally, move is supply/demand regulations, vessels reason slow XXXX does effect amount slowing will create of side, of not will optimism attractive growth. the other average growth particular as the strong the is to dry down. to Another hard to vessels Normalized an supply-side with will fleet the demand fundamentals and market IMO market. to the enough bulk is fleet The on more require quantify. outpace cargo very efficiency it things will reduce the supply for equal, XXXX need all many if forced to
and we inflation we be are slowing facing extended of heading in and means healthy supply to for so The sustainable demand terms expect world an headwinds together, which may putting economies earnings. XXXX. of period So start
the to is outlook dry we upset believe. not long-term enough it for However, bulk,
to same we time, at factors, is bulk we macroeconomic the supply and supply we to the it year, in come. have looking impact COVID for iron lack shipyard capacity. situation, the on While that with change a demand of view next restrictions environment is trades acknowledge practically there negative do it the support lift are impossible in short-term boost XXXX the which side grain low expect strong IMO that At to regulation, years and and of inefficient given nothing ore. can freight primarily a and will the vessel coal historically a commodities, Combined China dry will
not contracts we As Cape we in attractive. out market And be contracts seek to to best Panamax do possible be to calls, [indiscernible] levels any the want segment, we of fixed best paid whatever fully explained when in conditions. have the always do fixed that and on secure are We seek we previous value. that time, take at offers it
above That significantly $XX,XXX fixed For benchmark quarter-to-date market the quarter. fleet QX, day. track rates. other covered we we vessel at have XX% this is words, per above of are again $X,XXX the per beating the to rates on day averaging In per
XX% For covered. our days QX, we have total fleet of
value coverage As always securing lowest much QX it Panamaxes between this our year We because for two appears, on Panamax more maximum focused to the than coverage, have segments the than we commercial strategy extract the Cape for attractive rather Capes. risk. has pricing balance simply at been
competitive have it well-timed industry breakeven. will cash slide flow G&A and of cash Ocean’s we Golden On substantial. flow last generation. is low Through focus today, scale, access appears, And economies as we finance, acquisitions, potential cash to on low the achieved
when macro For annualized instance, basis, believe generate on with more it fair and decision priority the direct top a rates today’s capital have that we price. $XXX on newbuilding program, Golden will would, This in is list we but to cash. a looking on a earnings, of share have It’s sheet with XX% future allocation. despite at assumption the year-to-date challenging backdrop, what do free charter equivalent it’s achieved of support strong to fully comes yield a I million a balance than continue dividends an Ocean funded time
Golden wrap up Before shortly questions, a above up I’d outperformed delivered world Ocean and million. Despite again in rates. the and for place solid for focus this that freight are for low profit order QX book capital three economy Ocean an in to opening XX-year our net strong points on slowdown to dry the shareholders. expected bulk, continued the slow XXXX from $XXX main to returning fundamentals start like a in rebound Golden a means to market the release. in
we $XXX back dividend, start have hand session. Thank we almost year. QX the last operator. the now the since million And I paid With word the you. therefore now Q&A to
