Disrupted coal/iron ore flows and Japan quake hit dry bulk rates

Platts reports that Genco Shipping and Trading (NYSE:GNK) said disruptions to iron ore exports and the Japanese earthquake contributed to lower dry bulk freight rates last quarter.

The market news is quoted as saying,

Talking to analysts at the company’s first-quarter earnings conference call, Buchanan said BHP Billiton saw a 14% drop in coal production in the first quarter and noted that ship broker RS Platou estimated total coal output from Queensland fell by 30 million mt in Q1 2011, down 15% from Q1 2010. Meanwhile, Rio Tinto’s iron ore production dropped by 16% in the first quarter, he said.

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