SAILING INTO RECOVERY March 2nd 8.40 – 9.25 EST
15th Annual Capital Link Shipping Forum (2nd & 3rd March)
Arlie Sterling recently moderated the panel discussion DRY BULK SHIPPING SECTOR: TRENDS AND OUTLOOK
To access the discussion: Capital Link Dry Bulk Discussion
Panel Members are John Wobensmith – Genco Shipping & Trading Limited; Ulrik Uhrenfeldt Andersen – Golden Ocean Group; Martyn Wade – Grindrod Shipping Holdings; Loukas Barmparis – Safe Bulkers, Inc.; Stamatis Tsantanis – Seanergy Maritime Holdings.
Marsoft’s Q1 2021 Dry Bulk Release is now available – here are a few highlights:
The first two months of 2021 were marked by surprisingly strong rates in the dry bulk market. Cape rates typically fall back at the start of a new year, but they averaged $20,000 per day in January, helped by strong Brazilian iron ore exports and record-high port delays.
Although Cape rates fell back in February, smaller bulkers picked up the slack, with Panamax and Supramax rates climbing to $20,000 per day in recent weeks, their highest levels in more than 10 years! Port delays played a small role for these sectors as well, but most of the gains were driven by very strong US grain exports to Asia. In addition, we believe the change in trading patterns caused by China’s ban on Australian coal imports is most likely helping the smaller bulkers, at the expense of Capes, since China is taking more coal from Indonesia, and these shipments generally go on smaller vessels.
The recent gains in rates have also led to a turnaround in dry bulk secondhand values, which have moved higher in early 2021, after falling by 10-15% over the course of 2020. Optimism about a global economic recovery, combined with a recent uptick in newbuilding prices, also contributed to the increase in secondhand prices.
For further information contact one of our offices