Japan’slargest shipowner says rates will average around $17,000 p/d in the first halfto give an overall average for the year of around $20,000 p/d.

NYK is one of the largest operators of capesizebulkers in the world with an owned fleet of 37 ships and a chartered in fleetof 89 ships.

It forecasts that theBaltic Dry Index (BDI) will average 1,354 in the first half of 2014 beforerising to 1,765 in the latter half.