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"Companies saw China as a never-ending story and wanted to invest their profits in new shipping capacity, " he said.
WSJ: Global Shipping Faces More Choppy Waters
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Analysts and industry players expect the glut in shipping capacity to last for several years given that vessels often operate for around 25 years.
WSJ: Global Shipping Faces More Choppy Waters
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Freight rates hit a record low Wednesday on weak demand for iron ore, poor weather conditions in mining regions and a glut of shipping capacity.
WSJ: Global Shipping Faces More Choppy Waters
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Now, China appears to be picking up this newly available market share, a mutually beneficial arrangement, as Iran needs the gasoline and China has surplus refining and shipping capacity.
FORBES: China Boosts Gas Sales to Iran, Irks U.S.
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Other shipping lines sell ships when capacity is bloated, and lease them back when needed, to save money.
ECONOMIST: Chinese shipping
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The train wreck illustrates one economic reality of the U.S. shale drilling boom, which is that energy companies have turned to shipping by rail as pipeline capacity has been filled.
WSJ: Review & Outlook: A Tale of Two Oil Spills
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The Asia Pacific iron ore division provides four direct shipping export products to Asia via the global seaborne trade market, and has a rated annual production capacity of 9 million tons of iron ore.
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