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BIMCO is seeking to drive the improvement of standards for ships at dry bulk terminals across the world and has today launched its first report on terminal performance.
The 2017 half-year result of the dry bulk terminal vetting is ready. New reports have been added to the database by ships after each port call.
In yet another turn of extraordinary events, the Baltic Dry Index (BDI) is now hovering around the lowest level in at least 20 years.
One year ago the dry bulk orderbook stood at 276 million DWT – today it totals at 277 million DWT. As if the dry bulk orderbook wasn’t large enough back then
BIMCO expected newbuild activity to pick up, so the recent development is not surprising. It is however not what the industries needs. As the dry bulk -, crude oil - and oil product tanker shipping sectors are all struggling with very low freight rates, it is important that the recent development in contracting activity reflects a short-term trend.
Energy transition curbs demand growth
Enjoy the ride while it lasts - before over-supply of capacity takes over. Demand: Chinese imports of iron ore and coal have been the dominating factor throughout the year
“Scrapping ships and no new builds is the fastest road to recovery for the dry bulk market” BIMCO President Philippe Louis-Dreyfus comments on BIMCO’s latest market analysis
With 12 weeks of 2016 behind us, the dry bulk market is still looking bleak. As the current low demand for transportation of commodities continues, the market is doing what it can by scrapping old ships and restraining from ordering new ones.
The turbulence of the past year has in many ways clouded the underlying fundamentals in the dry bulk shipping market, but with 2020 now behind us, we are in a better position to establish an overview of expectations for 2021.
