For the first time in living memory the global dry bulk fleet is set to contract significantly this year, said Khalid Hashim, the veteran managing director of Precious Shipping

Extrapolating annual figures based on statistics through to mid-March, anywhere between 55m to 60m dwt of bulkers could be scrapped this year, while, assuming there is a slippage of 50% in the dry bulk orderbook, Hashim estimates 45m dwt of dry bulk deliveries in 2016.