"The ordering wave is indeed worrying," said Henning Oldendorff, chairman of Oldendorff Carriers, one of the world's largest dry cargo operators with about 400 owned and chartered ships.
"If it coincides with a China slowdown and possible recession in the global steel industry, then freight rates could potentially stay low for many years to come," Oldendorff
estimated some 35 million dwt (deadweight tonnes) of new capacity was ordered during the first half of 2013, well above the 22 million dwt ordered during the whole 2012.
said a replay of the last four years could have more severe consequences because the current recovery would be shortlived, leaving less time for shipowners to rebuild cash reserves.
"There will be more failures in the next few years in the bulker field," he