Bulk-shipping lines need to cancel half of the new vessels they have on order to ease a capacity glut and revive freight rates, according to shipbroker R.S. Platou ASA. Bulk-shipping rates have tumbled 78 percent from a record last year as growth in the global fleet outpaces China’s demand for iron ore and coal shipments. … Commodity carriers with a capacity of 291 million deadweight tons are on order worldwide. That’s equivalent to 66 percent of the existing fleet.
