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The current demise of the dry bulk market isn’t one to go away anytime soon. That doesn’t mean that it can’t improve, with all ship classes expected to cover their operating costs by May. Meanwhile, demolition activity isn’t enough, at least thus far, to offset oversupply of tonnage in the dry bulk market.
Capesize: At the beginning of the week, the Pacific market showed promising activity with healthy cargo volumes.
Capesize: Activity in the Capesize market had the 5TC pushing in value over a few days in midweek.
Due to the COVID-19 pandemic, the global container market grew only 1.5% from 171.0 million TEU in 2019 to 173.5 million TEU in 2023. Without the pandemic, that figure would have been 24.6 million higher, landing at 198.1 million in 2023.
Capesize: The Capesize market continued its bull rally this week as we move into the tail-end quarter of the year. The Capesize 5TC managed a high of $86,953 on Thursday before closing out the week on a softer note at $83,865. 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 strength of the tanker market this year has prevailed against a gloomy economic outlook, with high inflation and hawkish monetary policy dominating sentiment in financial markets. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
The past couple of years have been very turbulent in many international markets due to the global pandemic. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
As with most crude tanker markets, the Aframax and Suezmax sectors have remained under pressure since June. Weekly tanker market report by Gibson Shipbrokers.
