Dry bulk scrapping age keeps moving upward
12 March 2012In poor freight markets you might think that vessels were being recycled at a younger and younger age, but looking into the data a different story reveals itself.
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In poor freight markets you might think that vessels were being recycled at a younger and younger age, but looking into the data a different story reveals itself.
After an unusually strong start to the year, seasonality has caught up with the dry bulk market. Coupled with a slow recovery in global economic activity, it looks set to be another challenging year.
The dry bulk shipping industry remains on the road to recovery, as demand continues to keep its nose just ahead of fleet growth, while scrapping and ordering remains subdued.
BIMCO has issued two new standard contracts of affreightment (COA) for dry bulk cargoes – one that can be used with different voyage charter parties and another that includes all terms and provisions usually found in a COA.
A ”W-shaped” market in the making, but spiced up with frequent congestion. Demand: Following the market meltdown in 4th quarter 2008, demand has surprised on the upside since China in February initiated ..
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.
China’s property market is estimated to account for approximately 35% of the country’s steel demand. It is an important driver for economic growth and raw materials like iron ore, coking coal, wood, and cement. Overall, the Chinese economy is a significant driver of dry bulk and more than 35% of dry bulk volumes are destined for China.
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shipping of grains.
Heading into the seasonally strongest part of the year, dry bulk owners have already enjoyed a very profitable year with the temporary factors helping the market stay strong expected to continue providing support into 2022.
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs.