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 September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Ezra Bags $70m in Offshore Contracts

Ezra Holdings Limited, a leading contractor and provider of integrated offshore solutions to the oil and gas industry, today announced that the Group’s Subsea Services division,

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

Bulk Carrier Trends

COSCO Delivers Bulker

The Board of Directors of COSCO Corporation (Singapore) Limited announced that COSCO (Dalian) Shipyard Co., Ltd a subsidiary of the Company's 51% owned COSCO Shipyard Group Co.

NewLead Fixes Newcomer, "Newlead Castellano"

NewLead Holdings Ltd. announced today that it has entered into a time charter contract for the recently delivered Handysize vessel, the "Newlead Castellano".

Great Lakes Coal up More Than 12% in September

Lake Carriers’ Association reported that coal shipments on the Great Lakes totaled 3 million tons in September, an increase of more than 12 percent compared to a year ago.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Port Authority Salvage Ship Repair Ship Simulators Sonar
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: 0.1469 sec (7 req/sec)