Dry bulk sea shipping market remained sluggish over last few weeks

22.02.2017

Baltic Dry Index closed the week down 3 points (-0.42%) at 710 points. The dry bulk sea shipping market has been sluggish over the last few weeks. After the period of low demand, last Thursday the Dry Bulk Shipping Index gained 22 points and surpassed the 700 level, reports UkrAgroConsult.

In the last few weeks BDI has been pressured by Chinese Lunar New Year celebration, and the market has not recovered yet. Ship owners postponed shipments waiting for freight rates increase.

In general, the Baltic Dry Index was under pressure of Capesize-type vessels, while freight rates for Panamax- and Supramax-type vessels remained unchanged. Capesize Index shows the demand for iron ore and coal transportation.

Many market players are optimistic about the maritime transportation growth in 2017. It is estimated that this growth may reach 10-15% mainly owing to an increase in container shipping.

 

UkrAgroConsult

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