Chinese ore demand ties up 3.9% of capesize fleet
As Chinese steel production increases, the volume of capesizes laden with iron ore, waiting to discharge at Chinese ports swells to record levels, according to shipbroker Braemar ACM. It estimates there has been a four-fold rise in average congestion compared with the same period in 2019
Braemar ACM analyst Nick Ristic pointed out that despite congestion increasing during the month, there has been a jump in the number of ships opening up in China after discharging
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