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Positive Vibes For Larger Dry Bulkers - Allied Shipbroking

Logistic News - Published on Wed, 19 Jun 2019

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After a long period of lackluster display, the dry bulk market is finally showing some signs of a recovery. In its latest weekly report, shipbroker Allied Shipbroking said that “having officially entered the summer season, we have started to see some hopes being raised of better market conditions to come for dry bulkers. This view is primarily being driven by the market patterns noted during the previous 3 years, with a typical upward drive usually starting to take shape in and around early June. Taking the performance and trends of the market for the first 5 months of the year as a guide and stacking that against the typical seasonal patterns noted over the past 3 years, we can start to see how much ground there is to support such optimism”.

According to Allied’s Head of Research & Valuations, Mr George Lazaridis, “We have seen an overall better image emerge on the larger size segments, thanks to the better trade movements that were noted in the iron ore trade during the month of May. The close to 4% MoM jump in iron ore imports into China helped better balance markets, allowing both Capesize and Panamax vessels to continue to show a fair improvement in their respective freight levels during the course of the month. This has led to the average freight rate assessment for these size segments to reach levels on par or just above the levels they were posting during the same time frame back in 2018 and 2017. Quite a remarkable turn, if you take into consideration that up until April both were trailing well below levels noted during the past 2 years.”

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Posted By : Mohan Sharma on Wed, 19 Jun 2019
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