Dalian: China Ocean Shipping (Group) president and China COSCO Holdings chairman Wei Jiafu (pictured) has predicted a turnaround from the current lows in the bulk market. "The decline came fast and will be gone quickly," Jiafu is quoted by Bloomberg as saying at a shipping conference in Dalian, China. "The unusual drop was because of investors' panic amid the global financial tsunami." Rates may rise next year, driven by growth in China, which has avoided the worst of the global slowdown, he continued, adding, "The impact is limited in China. With a population of 1.3bn, demand is still strong."
The Baltic Dry index has spiralled downward over the past few months, leading the Baltic Exchange to announce an emergency event on November 19 to discuss means to stave off further disaster in this sector. Over 50 top bulk owners and charterers are expected to attend. [11/11/08]
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