Subscribe to RSS feedDefault risks as Chinese mills withdraw from cape market
FIRST signs have emerged that Chinese steel mills might default on contracts of affreightment, as brokers report that many have refused to take cargoes, as spot freight rates fall well below levels at which longer-term agreements may have been fixed.
“The real issue right now is whether operators are actually getting their cargoes,” a broker told Lloyd’s List.
“We have seen contracts where charterers cannot get their cargoes, which is a bit of a disaster when they are running expensive...
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