Owners still betting on Capesize prospects

Dry bulk shipping has grown significantly from 2013-2023, driven by advancements in technology, increased raw material demand, and changing trade patterns.

BIMCO: Between January and August 2024, the number of recycled ships dropped 42% y/y, the second lowest level in 16 years.

Shipowners have found stable dry bulk markets with narrow spot rate ranges and low scrapping, but recent trends show Capesize and Panamax rates falling.

The Panama Canal’s operational issues led some bulk shippers to choose alternative routes, with future decisions based on capacity and transit assurances.

Amer Shipping and MSG have formed Stream Shipping in Raamsdonksveer, an independent inland shipping company with its own vessels.

Diana Shipping has extended the time charter contract for its vessel Los Angeles with NYK at a rate of US$28,700 per day, starting July 18, 2024.