Dry bulk rates and the shares of bulker owners have continued to slide amid concerns about China’s reduced steel production.
Iron ore futures traded below $100 per tonne on shrinking steel output in China and there are signs that economic growth is facing mounting headwinds.
Clarksons Platou Securities analysts Frode Morkedal and Omar Nokta said in a note on Tuesday that "it seems to be another tough week for rates", with capesize spot rates at $31,000 per day — down 14% since Friday.
