Shipping rates are at multi-year highs, but have not reached the bull cycle peaks of the past, said Rashpal Bhatti of mining giant BHP.
James Marshall, CEO and founder of shipping company Berge Bulk, said he expects more iron ore supply from Brazil and stronger coal demand from China in the second half of the year, and that's going to be "very positive" for freight rates."Our ships are still getting held up by severe … Covid quarantines," he said during the Shipowners Forum, which was part of Singapore International Ferrous Week.
Discipline in not ordering new ships and the phasing out of certain older vessels will also help keep rates higher, he added. "If you have demand growth running above fleet growth in any of those three years, you're going to have a firm freight market rate," he said. "What we're in is a disruptive global economic situation brought about by the pandemic, and this freight market is being driven by a construction boom, which is a government policy response to that pandemic," he said.Government policy could just as easily stop costs from rising further, Williams said.
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