Bad news piles up for iron ore carriers as China demand seen falling
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THE worst start to a year for ships hauling iron ore since at least 2000 has gotten so bad that rates no longer cover crew costs. Now for the bad news.
China, whose demand for iron ore grew the most over the past decade, will consume less steel on an annual basis for the first time since 1995, the World Steel Association says. That's a sign to Morgan Stanley that the economy's need for imported ore cargoes will drop, something that last happened in 2010, according to data compiled by Bloomberg.
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