The Hong Kong-listed shipowner said demand growth of at least 6% to 7% is necessary for a sustainable recovery to take hold.
While Pacific Basin welcomed a slowdown in newbuilding orders, it pointed to a “protracted” Indonesian export ban and reduced Chinese coal imports as reasons for concern.
Pac Basin reasoned the supply overhang from the 2010 to 2012 orderbook and weaker than expected demand was “muddying the outlook” for the dry market.
It
