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Despite low freight rates, very few crude oil tankers have been sent for demolition so far this year.
Panamax: Another week of upward momentum in the Panamax market, with East Coast South America (ECSA) grain trips to the Far East witnessing the largest gains. The weekly dry bulk market report contains a summary of the recent movements in the market, alongside the latest figures for average dry bulk earnings and Baltic Dry indices.
The development in demand reflects very clearly the slow growth in key areas of the world economy and the poor consumer confidence. Towards the end of 2011, rates on all trades jumped significantly – this was a complete reversal of recent fortunes, as rates jumped upwards by 13-30% week-on-week.
The Shanghai Containerized Freight Index and the China Containerized Freight Index have dropped by respectively 81% and 72% since January last year. Yet they remain higher than in 2019 despite a worsening supply/demand balance.
Although many of China’s major bulk imports, such as iron ore and crude oil, have seen strong growth so far this year despite the COVID-19 pandemic, imports of coal have followed the opposite trajectory.
