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, reports.