Baltic and International Maritime Council Chief Shipping Analyst Peter Sand says he expects all the very large dry bulk carriers due to be delivered in the next two years to be chartered to carry iron ore from Brazil to China.

In an article posted on the Hellenic Shipping News website, Mr Sand says four very large dry bulk carriers ordered in 2016 entered service at the beginning of this year, and that 26 more are due to be delivered in the next 24 months.

The author says Brazilian mining company Vale SA ordered all 30 ships. Together, they can carry 48 million tonnes of bulk a year.

Every dry bulk carrier in the world is likely to be “fully booked” next year and the year after, Mr Sand says.