Prospect for the minor bulk segments looks bright in 2012 as high scrapping levels and reduced newbuilding deliveries will adjust the supply and demand levels to a better balance, according to Pacific Basin, Seatrade Asia online reports. Higher Chinese imports of metal ores, relative shortage of ships in the Atlantic and the associated high cost of repositioning ships into the Atlantic have helped to buoyed freight rates for minor bulk ships.
“Market freight rates for handysize and handymax bulk carriers have increased 12% and 22% respectively since 30 June marking an earlier and stronger than anticipated improvement,” the company said in a trading update.
As at 24 October, handysize and handymax rates had strengthened to $11,230 and $15,849 per day.
Rates for the larger capesizes jumped by 147% since mid-year to $29,840, driving a 52% increase in the BDI which stood at 2,153 points.
Into the fourth-quarter of this year, softening Chinese demand for some commodities will be balanced by the seasonal resumption of US Gulf grain exports, pointing to sustained dry bulk demand, the dry bulk shipowner highlighted.
“Market freight rates for handysize and handymax bulk carriers have increased 12% and 22% respectively since 30 June marking an earlier and stronger than anticipated improvement,” the company said in a trading update.
As at 24 October, handysize and handymax rates had strengthened to $11,230 and $15,849 per day.
Rates for the larger capesizes jumped by 147% since mid-year to $29,840, driving a 52% increase in the BDI which stood at 2,153 points.
Into the fourth-quarter of this year, softening Chinese demand for some commodities will be balanced by the seasonal resumption of US Gulf grain exports, pointing to sustained dry bulk demand, the dry bulk shipowner highlighted.