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What a rebound. After the Baltic Dry Index (BDI) had its seasonal weakness around the Chinese New Year in early February, stronger-than-expected demand came from across the board and lifted freight rates. This brought earnings into profitable levels for a couple of days, as the BDI passed 1,282 on 27 March 2017.
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destinations across the globe; it is too complex to single out whether this is positive or negative for the seaborne dry bulk transport demand.
Read the latest interview with BIMCO’s shipping analyst Peter Sand in Hellenic Shipping News Worldwide.
BIMCO's Chief Shipping Analyst, Peter Sand, in a video interview talking about the recently published "Road to Recovery" analysis of the dry bulk market.
Demand: There is no doubt that the main drivers in dry bulk shipping are beginning to show some muscle; China and perhaps even more so, vessel oversupply in particular in the Capesize segment, is responsible for recent weakness in rates as well as adding doubt to the future.
The flooding in Queensland is primarily affecting the important coal export from Australia. Iron ore which is exported out of West Australia is not directly affected yet
Capesize: The Capesize market woes related to Coronavirus have now spread through the wider global markets like wildfire. 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.
Supramax: A more positive week, with the Baltic Supramax Index (BSI) making ground. 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.
