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While the Capesize segment has been massively impacted by the coronavirus, the smaller dry bulk segments are starting to recover towards profitable territory, partly on the back of seasonally higher grain exports from South America.
Low demand growth will continue into 2020, with carriers struggling to increase freight rates enough to cover the additional costs of the IMO 2020 sulphur cap compliance. Fleet growth is lower then last year, but still too high compared to demand growth.
The fundamental balance will continue to deteriorate in 2020, offering little support to operators hoping to pass on higher fuel costs, caused by the sulphur cap, to shippers.
High fleet growth in 2019 and the coronavirus in China are clouding the outlook for 2020, despite the expected lower fleet growth.
Strengthening global growth could be derailed by a range of factors this year, including the coronavirus outbreak and a further escalation of trade tensions across the world.
The outbreak of the novel coronavirus, recently dubbed COVID-19, continues to generate massive economic and financial uncertainty when it comes to China and global shipping.
The outbreak of the novel Coronavirus has dented market sentiment and spooked markets around the globe. When China sneezes, we all catch the flu. This especially holds true for the commercial shipping markets, which remain heavily reliant upon China, both on the import and export side.
Peter Sand will offer his view of the most relevant future commercial aspects to the shipping industry in Athens at the Slide2Open Shipping Finance conference on 30 January 2020.
Brazilian crude oil exports hit a record high in December 2019 with a total 8.7 million tonnes of crude oil exported, as China continues to turn to Brazil for crude.
The final quarter of 2019 marked a massive decline of HSFO sales, as the industry transitioned into compliance with the IMO 2020 Sulphur Cap (IMO2020).
