Chinese Coal Demand Firing Up Drybulk Shippers

With the drybulk market having reached a 30-year low in 2016, the outlook for 2017 and beyond has significantly improved, says John Wobensmith, president of Genco Shipping & Trading (GNK) - Get Report . Wobensmith says demand for drybulk commodities continues to grow, helped primarily by higher Chinese steel production and increased global iron ore and coal trade.

Genco shares have surged 90% since November, after a volatile 2016. Wobensmith says the company has shored up its balance sheet and is looking forward to growth again.