The dry-bulk shipping market has been in the doldrums again of late (the Baltic Dry Index is again near record lows and recently had a 31-session streak of declines), no thanks in part to slack Chinese steel demand. But the Friday infrastructure-spending announcement from the country, while notably less than the amount disclosed 4 years ago, “nevertheless is a positive development for the Chinese steel sector,” says Dalhman Rose.
It adds, “Should China’s spending plan lead to a resurgence in the steel sector, charter rates should be expected to improve.” Spot rates for capesize vessels have averaged $6K/day this year, “just barely enough to meet cash operating costs,” but Dahlman says rates could bounce to $20K.
– Kevin Kingsbury, (c) 2012 Dow Jones Newswires
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