Chinese industry analysts attribute the global shipping rate drop to a number of China-related factors, including Beijing’s environmental protection order for the Winter Olympics, China’s reduced steel production, and the easing of port entry disruptions due to COVID-19 that sent shipping rates sky-high last year. Global rates for large bulk carriers have plunged by 90 percent from last year’s peak. Spot prices for capesize (largest class) bulk carriers fell to $5,826 a day at the end of January, their lowest level in 20 months and well below a 12-year high of $80,000 in October 2021. Bulk carriers mainly carry iron ore, coal, food, and grain. Winter Olympics Protection Order According to Davy Jun Huang, chief economist of China Enterprise Capital Alliance and executive director of Asia Real Estate Association and Research Committee, one factor resulting in the collapse in bulk carrier prices is falling steel demand in China. The lower …