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China Merchants head sees another bad year for dry bulk

China Merchants head sees another bad year for dry bulk
Beijing: China Merchants Group chairman Fu Yuning remains pessimistic about the dry bulk market and sees the sector remaining under pressure this year, according to local news reports.

The problem of excess capacity will not be resolved this year, he said at a briefing in Beijing.

Fu said the state-owned conglomerate, which has operations in shipping, ports and property, had no plans to expand its shipping fleet any further this year although fleet additions will continue as it takes delivery of previously ordered newbuildings.

Fu also said shipping companies should take the opportunity to tweak capacity as the global economy stabilises and starts to recover.

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