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Iron ore provides 30% of the demand for the dry bulk market and, during 2016, its related tonne-mile demand went up by 6%. This was the key factor behind the overall demand side growth of 2.2%.
The freight market, which performed so well in Q1, has certainly not delivered in the past 4 months. BDI has dropped from 1,621 on 20 March to hit 747 on 29 July. Panamax ships have not been above USD 10,000 per day since 20 February, and below USD 5,000 per day for most of June and July. BIMCO expected challenging market conditions, also for Panamaxes, but rates below USD 5,000 per day were an unpleasant and unexpectedly low level.
Converted Very Large Ore Carriers (VLOC) are increasingly becoming a thing of the past with the long-term freight contracts coming to an end as newer and more reliable ships replace them in the market.
The record-high Chinese imports towards the end of 2012 ensured that quantities of Chinese iron ore reached an all-time high of 744 million tons for the full year, according to Chinese customs data. Meanwhile, port inventories have been decreasing considerably since early September, suggesting that the demand should stay sturdy in the coming year.
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