After years of “fascinating peaks” and “desperate bottoms” for freight rates, researchers at the shipbroker believe supply growth is no longer a major concern.
Bigger concerns exist on the demand side, ICAP argues, noting a hue rise in Chinese iron ore production this year.
With iron ore prices falling by around $50 per tonne this year, however, Chinese production will reduce as early as 2015, ICAP said in its latest monthly report.
