Supramax and ultramax bulkers have emerged as the key beneficiaries of China’s pivot towards greater imports of iron ore from India, according to Braemar.
Lower steel mill margins have incentivised the world’s largest steel maker to purchase lower Fe-content ore from the subcontinent.
“In 2023, India overtook South Africa to become the third-largest exporter of iron ore to China after Australia and Brazil,” said Braemar.
