Bloomberg reported that Denmark's largest shipper of coal and iron ore D/S Norden A/S demand for dry cargo transport will recover after the Beijing Olympics as Chinese factories resume production.
Mr Mogens Hugo Joergensen Chairman of D/S Norden A/S told reporters in the southern Chinese city of Guangzhou that "The bulk will sharpen up a bit in autumn. It will come back with a lot of power.''
Mr Carsten Mortensen CEO of D/S Norden A/S said that "A good harvest season, the end of India's monsoon season, and rising congestion in Chinese and Australian ports will create more demand for shipping capacity.
Mr Joergensen who was in Guangzhou to take delivery of a vessel said that "We have almost all our profit lined up already for the year. Shipping rates may rise should owners cancel building contracts."
According to its July 28th report Goldman Sachs Group Inc estimates shipping fees will fall 40% next year and 47% the year after because of a glut of new vessels. |
