Analyst Doug Mavrinac has lowered his bulker projections for 2015 in a move that deepens his loss estimates for owners in the sector.
Mavrinac, writing in his first quarter results preview, explains the revisions reflected the continued uncertainty related to the iron ore production plans of the major iron ore producers in Brazil and Australia.
“Last week, BHP Billiton announced that its planned $600m project to increase iron ore exports out of Australia’s Port Hedland was being deferred increasing the risk of the company missing its annual iron ore production target of 290 million tons, he explained.
