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Rates have struggled all year to beat last years’ performance, and failed miserably to do so beyond Q1, with the exception of Capesizes that managed to deliver stronger freight rates in Q2 also.
While we await the long-anticipated rebound in Capesize freight rates centred on Brazilian exports, let's focus on the brighter spots elsewhere in dry bulk shipping
The International Monetary Fund (IMF) has downgraded its global growth projection from 3.7% in April to 3.4% in July. The adjustment is primarily due to the large negative result in the US in the first quarter of the year. The IMF stressed that this is now behind us – and it therefore sticks to its 2015 projection with an unchanged growth level of 4.0%.
Demolition prices have been on the rise since late last year and recently reached the same high levels seen in the beginning of 2012. In two of the major demolition markets, India and Pakistan, the positive development started around October 2013 after a year of more or less status quo. In China, also a large market for demolition, development has been the opposite, with slowly declining prices since the beginning of 2013.
Global oil demand is seasonal, with Q1 being the weakest season – again, leaving only upside for the remainder of the year.