Dry cargo market report dated 31 March 2023
03 April 2023Capesize: The first quarter of 2023 ended with a decline of $95 on the Capesize time charter average (5TC), pricing at $13,806 on the last day in March.
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Capesize: The first quarter of 2023 ended with a decline of $95 on the Capesize time charter average (5TC), pricing at $13,806 on the last day in March.
The intention and purpose of the BIMCO Ship Sales Further Trading Clause 2023 (the “Clause”) is for the Buyers and Sellers of a Vessel to agree that the Vessel will continue to trade. This provides the Sellers with a reasonable level of protection and reduces any risk that they will be held liable for the actions of the Buyers once proprietary interest in the Vessel has passed onto the Buyers in instances where the Buyers dispose of the Vessel in contravention of any rules and regulations concerning the demolition or dismantling of Vessels.
Despite hopes that a quick economic recovery in China would boost iron ore demand, 2023 has so far been a disappointment for the dry bulk shipping sector. During the first three weeks of the year, iron ore shipments fell 13.1% y/y, the lowest volume since at least 2019, worsening conditions for capesizes. In this period, the Baltic Dry Index (BDI) declined by almost 500 points to 763 on 20 January, its lowest point since June 2020.
Last week, the overall activity in the shipbuilding sector was healthy, with multiple deals taking place and the tanker sector having the lion’s share.
During the first eight months of 2023, US dirty tanker export demand increased 33% year-on-year while the global dirty tanker exports increased only 5%. Measured in deadweight tonne miles, US exports now account for 14% of global dirty tanker demand.
In 2023, only seven product tankers with combined deadweight tonnes (DWT) capacity of 265,000 were recycled. This was a year-on-year drop of 82% compared to 1.5 million DWT (27 product tankers) recycled in 2022. It was also the lowest level of recycling seen since records began in 1996.
As the oil market contends with growing supply tightness until at least the end of 2023, macroeconomic headwinds are also at play. The weekly tanker market report by Gibson Shipbrokers - features an overview of the crude oil and oil product tanker market.
In 2023, 2.3 million TEU of container ship capacity was delivered, beating the former all-time high by 37%. Year-to-date another record has been set as more than 1 million TEU has already been delivered during the first four months of the year, an increase of nearly 80% compared to the previous record.
BIMCO's Grant Hunter will be speaking about Sustainability and Energy Transition on Day 2 of the conference.
Brazil’s soybean harvest is behind schedule due to heavy rain with exports down 31% y/y in the first two months of 2023. But despite the slow start, Brazil is headed for a record harvest and a sharp increase in exports during the coming month.