The slow increase of dry bulk tonnage growth this year could turn into a solid indicator of the market’s future prospects. According to a recent report from Allied Shipbroking, “since the start of the year the total dry bulk fleet has risen by 115 vessels, or 1.2% of the active fleet. Of course, at the same, despite the more optimistic scenarios unfolding on the frieght market, “dry bulk commodities are still showing off their bearish face on the back of weaker manufacturing data from the world’s number one workshop. Commodity prices were faced with a strong decline today, with some hitting multi-year lows, as worries started to grow over the extent of the over supplies issues faced globally as production showed ever weaker figures this month”, said Allied. Allied’s, head of Market Research & Asset Valuations, George Lazaridis noted that “even in the case of commodities such as iron ore, Read More...

  Bancosta says dry bulk shipowners have experienced "slight" market improvement this summer.   Italian shipbroker Banchero Costa (Bancosta) says dry bulk shipowners experienced a modest comeback this summer, citing slowing growth of the global dry bulk fleet and June's increased demand for dry commodities, Platts reports. Freight rate improvement this summer is said to have been particularly strong for supramaxes and panamaxes thanks to a large grain harvest in South America. Bancosta says increased dry bulk vessel scraping during the first half of 2015 has provided "some light at the end of the tunnel," although the sector is said to remain "significantly over supplied." The shipbroker says it noted 283 ship demolitions during the first seven months of 2015, including 77 capesize vessels, 52 panamaxes, 49 supramaxes, and 100 handysize vessels, a total of 21.8 million DWT and 157 percent year-over-year increase. Not only has scrapping increased, but new vessel orders have slowed down "considerably" as well, with Read More...