Bulk shippers hit by perfect storm as global economic doldrums take toll
Industry struggles with the cost of excess capacity, with a pick-up in the global economy unlikely soon
Mon, Feb 22, 2016 - 5:50 AM
Fees for dry bulk vessels have dropped to around US$4,000 to US$6,000 a day. At the height of the market, they were about US$185,000. Meanwhile, operating costs are around US$5,500-US$7,500 a day
OFF the coast of a nearly deserted island below the southern tip of Hong Kong, at least 10 massive ships - which usually carry hundreds of thousands of tonnes of coal or iron ore - lie idle near one of the world's busiest sea routes.