d stocks trade on spot market prices just like oil stocks trade on spot West Texas Intermediate (WTI) prices. This may seem illogical given “paper” rates represent 80% of an average carrier’s revenue base. For the larger fleets of publicly traded carriers, this figure can average as high as 90 to 95%. However, because the market lacks transparency and real-time insight into how paper rates are trending, the best investors and traders have to go off of is spot prices.

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