"If you asked any shipowner in the month of June, when ships were earning a few thousand dollars a day, that they would be earning $40,000 today, they would say you were stark raving mad. And yet here we have $40,000, at this moment in time. Its all because of one country, and one commodity, iron ore and China."
The Baltic Dry index has risen from 1,139 points at the start of September to 1,947 points as Hashim gave his speech yesterday at the Marine Money Asia conference.
"The restocking story is not yet over, if you look at the inventory in Chinese ports, it's running at 35% below last year, whilst steel production in China is running at 10% above last year. The restocking story may still have some legs to run."
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