Drewry Report Expects Sustained Recovery by End of Year

Tuesday, August 20, 2002
Drewry’s latest “Annual Dry Bulk Market Review and Forecast –2002” explains the reasons behind the expected recovery in 4Q02. Although 2002 is unlikely to see a sustained recovery in freight rates before the last quarter of the year this report predicts that 2003 shows great promise. The projected level of new building deliveries around 14m dwt, shows a decrease compared to 2002 and 2001. Meanwhile the number of vessels heading for the demolition beaches will continue to rise to the 6 m dwt mark by the same year. Trade forecasts are also good with most commodities showing a healthy rise as the global economy picks up and confidence returns to the sector. This is generally led by crude steel production, which is widely expected to pick up by the end of this year, as the U.S. and Japan move back into positive production. It is worth noting that Chinese steel production has been one of the few lights on the dry bulk horizon. 2002 is expected to see further increases, currently over 10 percent forecast, with growth steadying in 2003 to a more sustainable 2 to 3 percent p.a. Freight rates are expected to start rising firmly in 4Q02 and move upwards throughout 2003 and 2004. According to Drewry, “It is clear that the next cycle in the dry bulk market is about to begin, given the depths to which the market has fallen over the last 12 months, we can only hope that this time the peak is sustained for longer. If ship owners show restraint from that momentary thrill of a new vessel then the ever-present threat of over tonnaging might be stalled for a period.”
Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Directorate Changes at Fastnet

Fastnet, the UK and Irish listed E&P company focused on near-term exploration and appraisal acreage in Morocco and the Celtic Sea, announces certain management

MOL, Mitsui Ink Charter Deal

Mitsui O.S.K. Lines, Ltd. signed a contract with Mitsui & Co., Ltd. today (January 29) to charter a new 177,000m3 liquefied natural gas (LNG) carrier. This

MHI Wins LNG Order

Mitsubishi Heavy Industries, Ltd. (MHI) has received an order for two next-generation LNG (liquefied natural gas) carriers from Mitsui & Co., Ltd. The carriers

Bulk Carrier Trends

Puget Sound Container Volumes Flat in 2014

Container volumes through Puget Sound’s largest container ports remained flat in 2014, according to numbers released jointly for the first time by the ports of Seattle and Tacoma.

Ecochlor BWTS Chosen for 8 New Bulkers

Times Navigation, Inc. has selected Ecochlor, Inc. to provide ballast water treatment systems (BWTS) for installation on a fleet of eight new CROWN63 (63,500 DWT)

Port of Redwood City Sees Cargo Increase

The Port of Redwood City experienced a five percent increase in cargo movement across its docks for the first half of fiscal year 2014/2015 that ended December 31, 2015.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1207 sec (8 req/sec)