Please select a reason for contacting BIMCO from the list above to find the best contact number
When profits finally arrive, everyone breathes a sigh of relief. Several years of very bad markets have come to an end, but how do we retain the profitable freight rates?
The freight market, which performed so well in Q1, has certainly not delivered in the past 4 months. BDI has dropped from 1,621 on 20 March to hit 747 on 29 July. Panamax ships have not been above USD 10,000 per day since 20 February, and below USD 5,000 per day for most of June and July. BIMCO expected challenging market conditions, also for Panamaxes, but rates below USD 5,000 per day were an unpleasant and unexpectedly low level.
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