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Chief Shipping Analyst at BIMCO, Peter Sand, chaired and spoke this week at the 3rd European Dry Bulk Shipping Market Outlook Conference in Istanbul
In an effort to bring BIMCO owner-members operating with dry bulk cargoes together in an environment where they can learn from each other, BIMCO is launching its next new network – the BIMCO Dry Bulk Cargo Network.
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the world.
The outlook is poor for dry bulk, as the negative demand shock and overcapacity come together to send rates to multi-year lows, even a return to work in China is not enough to support the market.
The current newbuilding prices for dry bulk ships has dropped so much, that they are now at the lowest level since 2003. As they have just passed the lows of 2012 heading downwards.
Solid demand picture in a stabilized market but a tsunami of ships are expected to be launched in 2010
Is it true that this is the first time dry bulk carriers have been taken out of the market since the start of the global recession in late 2008
The dry bulk market faced a lot of headwind in 2015 as dwindling demand and over-supply created very unfavourable market conditions. 2016 has shown no improvements so far and prospects for the rest of the year are not looking promising. With poor earnings across the board the average scrapping age has dropped among all the dry bulk segments.
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
MDAT GoG have published useful quarterly reports which capture the past 6 months of incidents in the Gulf of Guinea.
