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      "text": "These developments indicate that rates are now reacting more sensitively to demand and supply dynamics, which can trigger rates in either direction.",
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      "text": "Sources: PwC Research based on Bloomberg, Baltic Exchange, Drewry, Shanghai Shipping Exchange data. Trends in fuel costs are based on average Bunker and VLSFO as well as average Jet Kerosene prices as quoted in Singapore and Rotterdam.",
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      "text": "COVID-19 outbreak, Suez Canal blockage, Russia-Ukraine war, Pirate/Rebel attacks",
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