The consensus that shipping thrives on a crisis was broadly agreed on by Chinese companies at TradeWinds Shipowners Forum China on Tuesday.

Bulker owner Hsu Chih-Chien of Eddie Steamship said geopolitical tension between Australia and China had helped the capesize market outperform other bulk segments for the past 18 months to two years.

“This is due to geopolitical reasons, and we saw China diversifying its raw material imports … importing more iron ore from Brazil and bauxite from West Africa where tonne-miles are much longer,” he told the event.