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In the containership market there was freight rate improvement starting in March. The car carrier business showed improvement as completed car transport from Japan, homeward, and in offshore routes made a solid move. In the dry bulk market, iron ore imports by China were steady, but the market as a whole slumped as a result of massive supply of newbuildings. The environment of marine transportation business was unstable overall due to persistent high fuel oil prices and continued appreciation of the yen.