The dry bulk capesize market should bounce back soon from its drastic fall amid US-China trade tensions and the January Vale dam disaster, Genco Shipping's John Wobensmith says.
Average rates have plummeted 70% since 2018 to $4,750 mainly due to these two factors, the latter leading to the Brazilian iron ore giant cutting annual output by 40 million tonnes.
"I think the capes are way oversold and I do expect this to start to come back in the next 30 to 60 days," the chief executive said today during a fourth-quarter earnings call.
