London: Global iron-ore shipments will crack 1bn metric tons this year, Clarkson Research Services said in a report, increasing its forecast.
Seaborne trade will reach 1.006bn tons, compared with 905m tons last year and an earlier estimate of 991m tons, the unit of the world's biggest shipbroker said.
Most of the additional demand will come from China, the world's biggest steelmaking nation. The nation will buy 661.7m tons, Clarkson estimates.
The increased trade will help offset the effects of new vessels being built. This year, 1,528 carriers with a combined transportation capacity of 125.6m dwt are due to enter service, according to Clarkson. That will far exceed last year, when a record 531 vessels with a transportation capacity of 42.5m dwt entered service, according to Clarkson.
The fleet's capacity stood at 459.3m tons at the end of last year. That would imply fleet expansion of 27 percent this year, assuming zero demolition or delays and cancellations of existing orders. [28/01/10]
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