A key driver of shipping markets over the past 30 years has been the expanding Chinese economy that has sucked in raw materials — carried on bulkers, tankers and gas carriers — and pumped out manufactured goods for export on containerships.
This has, of course, driven strong demand for vessels to carry these cargoes, with China’s distance from many of the major producers of raw materials and consuming regions pushing up tonne miles, coupled with a cargo mix often requiring larger vessels.
