Dry bulk unfazed by Evergrande downgrade to default

摘要

THE Evergrande downgrade to default by Fitch ratings agency comes as no surprise. China's largest private property developer had breached overseas bond repayments earlier in the year, and while the recent downgrade is huge news, it does not really change any expectations for the dry bulk market, which had largely priced in such an eventuality. According to market observers, the Chinese government will not let Evergrande collapse in a disorderly way.