Dry Bulk Shipping Market Overview & Outlook Q2 2023
30 May 2023Stronger dry bulk market outlook but recovery is fragile
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Stronger dry bulk market outlook but recovery is fragile
Read the latest interview with BIMCO’s shipping analyst Peter Sand in Hellenic Shipping News Worldwide.
BIMCO's Chief Shipping Analyst, Peter Sand, in a video interview talking about the recently published "Road to Recovery" analysis of the dry bulk market.
What a rebound. After the Baltic Dry Index (BDI) had its seasonal weakness around the Chinese New Year in early February, stronger-than-expected demand came from across the board and lifted freight rates. This brought earnings into profitable levels for a couple of days, as the BDI passed 1,282 on 27 March 2017.
Since the latest peak in Baltic Dry Index (BDI) on 10 September at 2,995 – dry bulk earnings have known only one way – and that is down. At the end of January.
The flooding in Queensland is primarily affecting the important coal export from Australia. Iron ore which is exported out of West Australia is not directly affected yet
Demand: There is no doubt that the main drivers in dry bulk shipping are beginning to show some muscle; China and perhaps even more so, vessel oversupply in particular in the Capesize segment, is responsible for recent weakness in rates as well as adding doubt to the future.