China’s Ministry of Transport has presented a bearish outlook for coastal shipping markets in 2019, saying oversupply is likely to plague bulker, boxship and tanker earnings.
In a web report, the ministry predicted that Chinese coastal dry bulk shipping demand would experience continued decelerating growth with macroeconomic uncertainty and a shift away from coal-fired power plants.
“At the same time, we had a large number of newbuilding deliveries earlier, and the market will struggle to absorb the tonnage in the short term,” the ministry said.
