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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.

Vincent Wee, Hong Kong and South East Asia Correspondent

March 6, 2013

1 Min Read
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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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About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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