China's shipping market was expected to remain dim in 2016, according to China Shipowners' Association (CSA). The Baltic Dry index (BDI) closed at 303 points on February 3, down 45 percent from 559 points in the same period of last year.
CSA attribute the sharp decline in BDI to low demand and overcapacity in the shipping market. The demand in the shipping market has been shrinking over the past few years, which affected by the slowdown of the Chinese economy and swelling iron ore inventories. CSA pointed out that the dry bulk market is extremely depressed and may be even worse in 2016.
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