“History will repeat itself with overordering,” he warned.
The current orderbook however paints a good picture for owners, he said.
“The tsunami of ships that came in 2009, ‘10, ‘11, ‘12 is very different – in 2014, ‘15 and ‘16 we could even see negative growth,” he said.
Capesizes earning $40,000 a day at the moment are all down to China restocking, something he reckoned will last longer than some analysts have predicted. Inventory at Chinese ports is 25% less than last year and steel output is 10% up, over last year, Hashim said.
Recovery will last a “good couple of quarters” the Precious boss said.