Shipping analyst Ben Nolan said he now calculates capesize rates will average $17,000 daily in the final three months of 2014, down from the $34,000 daily he had previously projected.
Shipping analyst Ben Nolan 2015 and 2016 forecasts have also been reduced amid what the analyst calls increased economic uncertainty.
Shipping analyst Ben Nolan and Stifel is now guiding for capesize rates of $27,000 daily in 2015 and $30,000 daily in 2016. This is down from the $34,000 per day Nolan had earlier forecast for both years.
Shipping analyst Ben Nolan wrote in his report: “We believe the capesize market will outperform other asset classes driven by growing iron ore transportation demand from the big four iron ore producers,” Shipping analyst Ben Nolan says surging iron ore shipments and low coal inventories will drive a large seasonal improvement in dry bulk shipping. Rising demand in the Atlantic has been credited with the improved fortunes for capes this week.
Shipping analyst Ben Nolan says Brazil remains the game changer for the capesize sector.
Dry Bulk Shipping News - Shipbroker Notes