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

Contracts

Rock On: UK's Kent Beach Flood Defence Starts

Rocks are being delivered as work by Van Oord starts on the £30m scheme to protect 1,400 properties at Broomhill Sands Coastal Defence Scheme in Kent, informs UK's Environment Agency.

Port of Long Beach Chooses APS Crane OCR System

APS Technology Group, a member of the ABB Group and a leading provider of optical character recognition (OCR) and process automation technology solutions for marine and intermodal container terminals,

CMB Cancels Order with S.Korean Shipbuilder

Belgian dry bulk shipping group CMB said on Tuesday it had cancelled an order for four vessels with South Korean shipbuilder Samjin set to be delivered in 2014.

Bulk Carrier Trends

Mexican Economy Ministry Slams US Sugar Decision

Mexico's Economy Ministry said on Tuesday a preliminary decision by the United States to impose anti-subsidy import duties on Mexican sugar was a setback in trade

CMB Cancels Order with S.Korean Shipbuilder

Belgian dry bulk shipping group CMB said on Tuesday it had cancelled an order for four vessels with South Korean shipbuilder Samjin set to be delivered in 2014.

US to Set Anti-subsidy Duties on Mexican Sugar

The United States is set to slap anti-subsidy import duties on Mexican sugar after a preliminary decision expected to be formally annouced later on Tuesday, the

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Ship Electronics Ship Simulators Sonar 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: 0.1922 sec (5 req/sec)