Dry bulk market recovery has begun: DNB

Oslo: After a four-year slump, dry bulk rates are on the up thanks to the biggest surge in Chinese imports of iron ore seen since 2009, according to DNB Markets.

Average daily earnings for capsizes  will more than double to $16,000 in 2013 from $6,705 so far this year, DNB maintains. Chinese demand for iron ore rose 41% in October from the previous month to 95bn ton-miles, the highest since August 2009, the bank noted.

Capesize earnings more than doubled this month to $16,934 a day, according to the Baltic Exchange.

“Dry-bulk market recovery has begun,” DNB said. “Large expansion of low-cost iron-ore and coal exports make us positive on the dry-bulk segment.”   [30/10/12]

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