Thursday, May 7, 2009

Chinese dry bulk carrier says business is still bad

Some of the other dry-bulk carriers have been saying things are picking up. And maybe they are, considering how bad it got.

However, the biggest one, Cosco, expects 2009 will be bad as a whole.

China Cosco is in talks to delay or cancel orders for new vessels as it anticipates a 44 percent drop in dry-bulk traffic this year

The Baltic Dry Index, a measure of commodity-shipping rates, tumbled 80 percent in the year ended March as China pared iron-ore imports and new vessels entered service.

click here for complete article from Bloomberg

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