The dry bulk shipping market will remain in recession due to contracting demand for iron ore and coal, and any recovery is not expected until 2017, according to the Dry Bulk Forecaster report published by Drewry Shipping Consultants.
“Falling demand and oversupply has severely impacted commodity values, with iron ore and coal prices in virtual free fall. The dry bulk shipping sector has been a casualty of these developments with resultant impacts on vessel earnings.”
It was previously reported by Drewry that the container shipping market is also going through a difficult period on the back of a fall in share prices, caused by aspects that include overcapacity and volatile freight rates.
Dry bulk shipping in at least 2-year recession - Drewry
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