A fall in Chinese coal demand and the second round of European virus lockdowns has deflated a nascent dry bulk recovery, despite strong demand for iron ore. The latest MSI HORIZON* monthly sector report notes that spot freight rates for all bulker benchmarks peaked in early October and have weakened since.
The rapid pace of decline in Capesize rates is particularly surprising given China imported 107m tonnes of iron ore in October, up 15% yoy, with a considerably higher proportion obtained from...