Record bulk carrier investment translates into fleet growth which is expected to exceed trade growth between 2009 and 2011, according to the report. The impact of tightening credit on investors and yards will mean that some of this orderbook does not deliver on time or at all, though supply growth is predicted still to have the upper hand. Negative global economic sentiment magnified by the impact of short-term cost controls by Chinese industry in response to high commodity prices. Once a reversal in these costs filters through the supply chain, a rebound in Chinese demand and consequently freight rates is expected. Demand is price-sensitive, with many trades priced out of the market in recent years.