Iron ore movements are huge influences on the shipping markets and news out of china's major ports are that stockpiles are at record levels. This means that stock is not going out to the refineries and just staying at the ports. So although ship demand has been high up until now just about anyone in the know predicts a sharp drop in shipments over the following months.
Not great news and we should expect a weakening of freight rates.
Many of the Australian and South American mineral producers are predicting sharp falls in fob price of iron ore.
The good news is that the European Football championships, The Grand Tour (France) and the Olympics will keep me (and many of you) busy regardless of the market.
Interesting side note. I remember in the leed up to the last Olympics in China (this time 4 years ago)when the Chinese locked down the steel refineries around Beijing to help with the Pollution issues. That was judged by many to be the beginning of GFC part 1. The timing of current events seems that Olympiads are currently a bad Sign. Its not all bad news.......a low flying bird pooped on me today as i was heaving breakfast. I believe this is a sign of good luck!
- The Virtual Shipbroker
- Hi. I am a shipping company director, transport academic, author, family man and all round nice guy. I have worked as shipbroker, shipowner, freight trader and bulk charterer, in senior positions, with some of the largest and most disrespected (joke) companies in the world. Ask my advice on all things shipping and you will receive my blunt and always honest answer. Hang around to learn more about chartering and ship broker salaries, chartering and ship broker jobs, chartering and shipbroker recruitment agencies, cheap freight, maritime education, chartering and ship broker qualifications, become a ship broker, tips on how to be a successful bulk shipping executive, philosophy, Zen and the art of shipbroking, and much more. Yours The Virtual Shipbroker (recently proclaimed the guru of shipbroking) Copyright © 2009-17 by Virtualshipbroker