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
To get members ready for the new Code coming into effect 1 January 2019, BIMCO gives a run down of the major amendments that would impact members' business dealing with the carriage of dry bulk cargoes.
BIMCO continues to receive enquiries on UN 3077 solid bulk cargoes and how they should be handled under the International Maritime Solid Bulk Cargoes ( IMSBC) Code. BIMCO provides an explanation including an interpretation on how these cargoes are viewed in the IMSBC Code.
The shipping number of the week provides numbers with a brief analysis of relevant developments in the shipping markets.
The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-even point, though not high enough to make up for losses made during the first part of the year.
Providing information on assignment of a Bulk Cargo Shipping Name (BCSN) in the IMSBC Code and the latest amendment made to such assignment, brought about by Amendment 05-19.
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.
US seaborne coal exports are up 57% in total volume and 61% in terms of tonne-miles for the first five months of 2017 compared to the same period last year. If US coal exports remain high throughout 2017 it will have a solid effect on the global seaborne coal trade and support the overall improvement in the dry bulk shipping industry.
While we await the long-anticipated rebound in Capesize freight rates centred on Brazilian exports, let's focus on the brighter spots elsewhere in dry bulk shipping