“Chy-nah Steel is Ded 4Ever”

But Capes are ripping... probably nothing.

From a conversation with one of my favorite dry bulk researchers.

Ed: Ever since the inflammatory statement by the chair of China Baowu Steel Group that conditions in China’s steel sector are like a “harsh winter” that will be “longer, colder and more difficult to endure than we expected,” everyone seems to be über bearish everything related to the Chinese steel industry: met coal, iron ore, steel… and — by association — dry bulk demand. Any yet demand for Capesize vessels is demonstrating unseasonal strength, with spot rates +88% year over year, and +30% above the Q3 average.