Halfway through last year it was sitting on big gains on chartered-in vessels, so it doubled up the bet that charter costs would rise and went long FFAs.

去年年中，中远在租用船舶业务上赚得盆满钵满，于是，该公司将筹码翻倍，押注租船费将上升，并买入远期运费协议。

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But the spot market, where vessels are chartered for specific trips or time periods, is very unpredictable, particularly since regulators put a stop two years ago to an arrangement between shipping lines (the top 15 of which control 80% of the market) to manage overcapacity by co-operating on routes and rates.

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