LJ - It does seem as though commodities have all slowed. Both Coal and iron ore. With the high supply of ships it does not take much of pull back to have significant impacts on spot rates.
Although there is a lot of cancellations and postponements taking place with newbuildings, they still represent nearly 16% growth in overall Cape and Panamax tonnage over the next 13 months. Owners have far out paced the economic replacement rate for ships (~25 years). I have long held that late 2017 would the upturn in dry bulk rates. That requires owners to begin cancelling or muli-year postponements in newbuildings for 2017 to become a reality.
Keep in mind the world's GDP is still expanding and consuming commodities. It just isn't at the rate it was 4+ years ago. Owners have had the rug pulled out from under their feet and the current demand situation simply won't support the current supply of ships let alone any new tonnage.
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