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The dry bulk sector that transports commodities like coal and iron ore has suffered from oversupply of vessels and faltering global industrial demand, pushing freight rates to a record low this year.
Some ship operators had taken heart from signs of a pick-up this year in the Chinese steel sector, but the dry bulk industry needs to be prudent given the overcapacity to be cleared, Philippe Louis-Dreyfus told Reuters.
"I don't see the end of the tunnel for another 18 months to two years," he said. "It worries me that some ship owners are saying things are picking up again."
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