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After a down and up year in container volumes, the current logjams in the system and unbalanced trades will take months to resolve, allowing carriers to profit from high freight rates, and tonnage providers to enjoy lofty charter rates.
There is money to be made by both carriers and tonnage providers as volumes defy usual seasonality and remain strong into the fourth quarter of the year. On top of that, low bunker prices –, one of the keys to high profitability this year – look set to stick around.
The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-even point, though not high enough to make up for losses made during the first part of the year.
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the world.
With an increasing focus on force majeure due to the COVID-19 outbreak, BIMCO has gathered a drafting team to develop a free-standing force majeure clause for use in a variety of contracts.
CAPESIZE: The story of the Capesize market over the past week has been largely Atlantic dominated as the basins uniquely volatile characteristics came into play. The Baltic Exchange daily fixture report features daily updates on the Baltic exchange indexes, timecharters, periods, voyage fixtures and is listed by ship name, size, delivery place and freight rate. The weekly dry bulk market report by the Baltic Exchange contains news impacting the following segments; capesize, panamax, supramax and handysize.
The tanker market is – even more so than before – all about geopolitics.
The oil market is notoriously linked to geopolitics. Most recently, the political situation in Venezuela creates turmoil in the region and particularly affects crude oil exports.
Calling a market turnaround to perfection is pure luck. But scouting for pillars that would support a higher level of demand makes sense. First up is the next Brazilian soya bean export season.
By examining our fleet-growth estimate alone, 2019 looks like a year in which the fundamental balance can only improve. But the trade war remains the wild card here.
