Is this it for the current bulk carrier cycle?

The tanker markets are shrugging off bearish macro economic sentiment, but China’s economic woes continue to weigh heavily on the bulk carrier freight markets. As the Chinese property market continues to implode, concrete production was down 6% in July and cement down 3%. High temperatures in parts of China and flooding in other parts are disrupting economic activity, as are rationed energy supplies in a number of provinces. After nearly 100m tonnes of imports in July, well up on 91m tonnes in June, iron ore stocks at Chinese ports are at three-month highs, even as blast furnace utilisation is high due to inland logistics problems. Imports were 90m tonnes for the first 22 days of August, so they could easily pass 100m tonnes for the month which would be the highest since October last year, but this has been of no comfort to the capesize freight market.

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