[ATHENS] China will drive demand in 2014 for hiring ships to transport dry-bulk commodities such as iron ore, coal, grain and bauxite even as the country's economy slows, says Michael Bodouroglou, chairman and chief executive officer of Paragon Shipping Inc.

Chinese economic output slowed in the fourth quarter as gains in factory output and investment spending eased. Gross domestic product rose 7.7 per cent in the October-December period from a year earlier compared with 7.8 per cent in the third quarter, according to the country's National Bureau of Statistics.

"Growth and demand in China will continue given ongoing urbanisation," Mr Bodouroglou said in an interview here late last week. "While we will see some volatility in dry-bulk ship rates because of micro- events in China, the country's economy is three times bigger than eight or 10 years ago, so 8 per cent growth now is bigger than 15 per cent 10 years ago."