Dry-bulk shippers believe boom will last

Dry-bulk shipping companies that haul iron ore, coal, grains and other bulk commodities are making money.

Eleftherios Papatrifon, chief financial officer of Excel Maritime Carriers, said, ‘We’ve already surpassed profits from last year.’

Along with other dry-bulk shipping executives at an industry conference put on by Jefferies & Co. in New York on Wednesday, he predicted 2008 would be another excellent year.

For example, demand for iron ore is not slowing. China continues to suck in much of the available supply from key source countries such as Brazil and Australia, leaving many other customers scrambling for what’s left. China also became a net importer of coal for the first time this year.

As a result shipbuilding is booming. TBS International has contracted for six new ships to be built in China for its core Asian and South American markets, at about $35.4 million each, with delivery expected in 2009 and 2010.