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In the firing line Rates crisis to hit in 2015

Dry bulk shipowners were warned yesterday to expect a crisis to hit freight rates in 2015, when China’s steel markets mature, rather than in 2010, when a glut of newbuildings are scheduled for delivery. Mitsui OSK Lines’ general manager of research Koichiro Ebihara said that China’s economy will change gear around 2015, at which time demand growth for raw materials will slow down. The warning came as the Baltic Dry Index hit an 18-month low of 5,026. Full story — Page 3 AP

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