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September 3, 2009

Leasing Rates to Fall as China Reduces Imports, Study Says

China's reduction in raw material imports and the introduction of new vessels could reduce the leasing rate of Capesize ships, a study has found. The leasing rate of Capesize ships will fall about 50% from the current price of $37,865 a day to $18,000 before the end of the year, Bloo

By cms admin

China’s reduction in raw material imports and the introduction of new vessels could reduce the leasing rate of Capesize ships, a study has found.

The leasing rate of Capesize ships will fall about 50% from the current price of $37,865 a day to $18,000 before the end of the year, Bloomberg said.

From their low of $2,316 in December 2008, shipping rates rebounded to $93,197 in June as China imported large amounts of coal and iron ore for its steel production.

China has decided to add 146 Capesizes in 2009, equal to 28% of its total fleet, businesstimes.com reports.

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