Marsoft has recently published our interim eBriefs for the dry bulk and tanker markets.
These two markets moved in polar opposite directions in the first quarter of 2021, with dry bulk rates soaring to an 11-year high, while tanker rates languished near 30+ year lows. The dry bulk market was driven partly by a continuing global economic recovery, together with unusually strong seasonal trade demand. But our analysis also shows that port delays played a major role in boosting fleet utilization – this is a driver we will be watching closely as the year progresses.
The combination of Saudi production costs, declining floating storage and moderate fleet growth contributed to weak tanker trade demand. However, some tanker owners will be able to look forward to an increase in production as a result of the recent OPEC+ meeting, although we are not expecting any significant rate gains to show until the second half.
Greater detail may be found in the current eBriefs.
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