Shadow capacity which has underpinned an upturn in dry cargo rates during the past two years will keep capesize earnings range bound despite the introduction of IMO 2020 legislation, according to Marex Spectron.
While ton mile demand driven by rising Brazilian iron ore shipments to China is in the shipowners’ favour, the gap between the number of capesize bulkers on the water and the cargo carrying capacity of the fleet has been growing since 2009, its head of research says.
