From ICAP’s bulk shipping first quarter report:
…most notable was the massive change in China?s imports of iron ore between January and February which collapsed from 68 Mt to 48 Mt and when this was combined with the 10 Mt fall in the country?s coal imports also in February the resulting 30 Mt drop exceeds anything that was seen even at the time of the freight market collapse in 2009.
With the supply side not doing the shipping industry any favours, its no wonder that the Baltic Dry Index is still plumbing the depths:
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