Despite the surprise upturn in the dry bulk shipping market in the first half of this year, a sharp downturn is forecast for 2010.
"Next year might be what we feared 2009 would be. I think we delayed the problem," Wah Kwong Maritime Transport chief executive Tim Huxley told the Marine Money Asia conference in Singapore.
Mr Huxley's sentiments were echoed by senior executives from Pacific Carriers and Noble Chartering.
"We quite frankly have not hit the bottom yet," said PCL director Keith Denholm.
Noble executive vice-president Mudit Paliwa said the market would probably reach new lows in the first or second quarter of next year.
China was very much seen as the sole driver of the dry bulk market this year.
Clarksons divisional director Henriette van Niekerk noted the recent recovery in the sector had only been in China, not the rest of the world.
The issue facing the sector next year is that Chinese will not be enough to soak up the very large numbers of newbuildings set to be delivered.
A particular area of concern is the capesize sector. With an estimated 698 capesize newbuildings to be delivered by 2012, Mr Denholm said however much iron ore China imported, it would not be enough to soak up all the supply of tonnage.