China’s internal economic stimulus has also resuscitated the dry bulk shipping industry, defying the early odds for a flat or down market this year. Iron ore imports are set to break a record of 1 billion tonnes this year, while coal imports have staged a sharp rebound.
In a speech today at the International Maritime Organisation’s biennial meeting in London, Lorentzen & Stemoco’s head of corporate development Nicolai Hansteen says China’s iron and coal demand, if they can be sustained, could mean capesize spot rates reaching $20,000 per day.
