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Bleak outlook for dry bulk shipping in 2010

Bleak outlook for dry bulk shipping  in 2010

Bangkok: The outlook for dry bulk shipping in 2010 is bleak due to the imbalance between demand and supply, according handysize specialist Precious Shipping. The Bangkok-based shipowner noted steel demand between 2008 and 2010 was set to remain flat with a forecast consumption of 1.2bn tones this year according to the World Steel Association. By contrast even a 50% slippage in delivery of newbuildings is assumed for 2010 the dry bulk fleet would have increased by 31.82% in deadweight tonnage terms between 2008 and the end of 2010. "Whichever way you look at this situation, it still comes out looking like bad news for 2010 in terms of dry cargo prospects," Precious Shipping said. Precious Shipping reported a full year net profit of $88.1m in 2009, compared to a $148.1m profit in 2008. [08/02/10]