Chinese coal and iron ore consumers have further shaken the dry-cargo market by defaulting on contracts or seeking deferrals, it is claimed.

The actions have emerged in the past few days and are seen as a fallout from China’s economic slowdown, the Financial Times reports.

RS Platou Markets said in a report this morning: “Even as the actions do not suggest a widespread retreat from these markets, an escalation of deferment of cargoes potentially due to substantially weak demand unlike of post Lunar New year developments in the past, is a negative development for the dry bulk market and is a clear dampener on already depressed market sentiment.”