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The market conditions are devastating and volume growth in 2015 on key trades is negative. The lack of coal imports into China is taking centre stage, and lost volumes are difficult to make up elsewhere.
A review of the increasingly widely used BIMCO Terms 2015 standard bunker contract began at a recent meeting held at BIMCO House.
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.
The latest BIMCO digital Bulletin is now ready for you to read and enjoy – either online or offline using our tablet app .
The Chinese economy grew by 7.0% y-o-y in the first quarter of 2015, according to National Bureau of Statistics in China. This is the weakest overall growth in six years. Growth during the quarter was strongest in the industrial sector (6.4%) and the service sector (7.9%), whereas the primary sector (3.2%) contributed to a lesser extent.
Members of the Cyprus Chamber of Shipping gathered in Limassol on 18 January for an update on BIMCO activities and services.
2015 has been the year of the tanker. The fundamental improvements with slow supply-side growth for some years coupled with low oil prices from mid-2014 created strength on both sides.
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