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“Scrapping ships and no new builds is the fastest road to recovery for the dry bulk market” BIMCO President Philippe Louis-Dreyfus comments on BIMCO’s latest market analysis
The amended IMSBC Code for carriage of dry bulk cargoes will enter into mandatory force on 1 January 2019. What are the amendments that would impact members’ dealing with these cargoes? BIMCO gives the rundown of these amendments.
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.
Marsden Point, New Zealand came out as the highest rated bulk terminal in BIMCOs Terminal Vetting Scheme. With 161 ships from 132 companies involved in the scheme, the report now covers 419 terminals globally. Just under 95% of the reports were rated average or better, which gave an average rating of 3.6 (out of five), suggesting positive trends for the future.
With 12 weeks of 2016 behind us, the dry bulk market is still looking bleak. As the current low demand for transportation of commodities continues, the market is doing what it can by scrapping old ships and restraining from ordering new ones.
In 2016 the dry bulk shipping sector experienced some of the worst market conditions in history. In response, BIMCO produced a unique analysis model, named "Road to Recovery" to highlight actions needed for the struggling shipping markets to recover - and to track their progress.
Iron ore provides 30% of the demand for the dry bulk market and, during 2016, its related tonne-mile demand went up by 6%. This was the key factor behind the overall demand side growth of 2.2%.
The turbulence of the past year has in many ways clouded the underlying fundamentals in the dry bulk shipping market, but with 2020 now behind us, we are in a better position to establish an overview of expectations for 2021.
Back in May, BIMCO disclosed a projected “road to recovery” for the dry bulk shipping industry. The main message back then on what the dry bulk sector must do to return to profitability was, and still is: “Scrapping ships and no new builds is the fastest road to recovery for the dry bulk market”.
Demand. The dry bulk commodity imports into and exports out of China we have seen in the first half of 2016 are very positive – and nothing short of extraordinary. But, putting it into perspective, compared to the devastating freight rate levels over the same period, it highlights that something is very wrong in the dry bulk market. The market is nowhere near balanced.
