“Classic” capesize trade flows are starting to shift and will continue to do so as steelmakers around the world attempt to cut their carbon emissions, which new pockets of demand opening up will offset.
About 75% of steel is still made mainly in coal-fired blast furnaces, which are big emitters of CO2. The International Energy Agency has set a target for the global steel industry to cut its emissions by at least 50% by 2050.
