Rates for all asset classes within dry bulk shipping fell Tuesday as the coronavirus pandemic continued to weigh down this year's outlook for iron ore production.
Australian miner BHP on Tuesday reiterated 2020 iron ore production guidance of 242m tonnes to 253m tonnes after Brazil's Vale lowered its highest forecast 7% to 330m tonnes.
"We have already seen supply disruptions with Rio Tinto guiding down Pilbara plus potential supply disruptions in Canada/South Africa, meaning the dry bulk market needs every ton it can get," Fearnleys Securities analyst Espen Fjermestad wrote in a note.
