Japanese dry bulk operators are unleashing a plethora of post-panamax bulkers onto the sale-and-purchase market as steel production in Japan falls to its lowest levels since 2009.
Well-placed shipbroking sources said that as Japan’s steel mills scale back production and furlough personnel at production facilities, contracts of affreightment are not being renewed, leaving operators with excess capacity.
Post-panamax bulkers have been especially hard-hit by the contraction in the Japanese steel sector.
