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Oldendorff: Surge in newbuildings derail bulk rebound

Henning Oldendorff, Chairman of one of the world's largest dry bulk operators, estimates that far more dry bulk newbuildings were ordered in the first half of 2013 than in 2012 as a whole.

The flood of newbuildings and the slowdown of economic growth in China could derail a rebound in the dry bulk industry and trigger several bankruptcies, warns the head of one of the world's largest dry bulk operators, Henning Oldendorff, Chairman of Oldendorff Carriers, which includes around 400 owned and chartered ships.

"The ordering wave is indeed worrying. 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," says Henning Oldendorff to news agency Reuters.

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