Baltic Ice Conditions Reports
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Get the latest ice reports for the Baltic Sea region here.
The BIMCO Dry Bulk Cargo Network held its first meeting, where members took the opportunity to network, share and get clarification about shipper’s cargo information and declaration under the International Maritime Solid Bulk Cargoes (IMSBC) Code.
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.
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.
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.
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”.
The fleet is growing at the slowest pace since 1999, and solid growth in demand means that the dry bulk shipping industry should be facing another year of improvement to the fundamental balance.
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.
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.
RightShip and INTERCARGO have today announced the launch of an important new quality standard for the dry bulk sector, DryBMS. The standard will be governed by a new NGO to be established later this year and will support the improvement of safety in the dry bulk segment.