SINGAPORE (Sept 19): Axia Capital Markets believes the worst is over for drybulk shipping as the demand for iron ore imports from China grew faster than expected from its stimulus programme.

Drybulk shipping is the shipping of minerals, industrial raw materials, and agricultural products and is the largest sub-sector of the shipping industry, with over 42% of the total tons of cargoes transported on vessels per year.

Axia’s analyst Robert Perri said in a note on Friday that a number of predictions from market analysts did not happen. These included the slowdown in China which would dampen the drybulk market, the growth in India which would bolster the market, and the increase in scrapping that would cut the drybulk fleet.

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