With Chinese growth slowing down to the lowest level in three years, that too at a time of record fleet expansion, shipping analysts are now sceptical on the outlook for rates to haul commodities like iron ore and coal, according to Exim News Service.
China has been the biggest consumer of the two commodities.
Reversing the earlier projection of $15,000, the median of 10 global analysts recently estimated that Capesizes would earn an average of $11,709 a day in 2012, the lowest in at least 14 years.
London-based Clarkson Plc, the world's biggest shipbroker, expects the fleet to swell 13 per cent this year, against a 4 per cent jump in cargo volumes.
Capesize rates have nosedived 85 per cent since the beginning of January, more than for any other type of commodity carrier after most agencies, including the World Bank and the Federal Reserve, slashed growth estimates.
Besides, according to experts, the rather negative demand for iron ore in Europe, coupled with the huge growth in fleet, was worsening matters.