Page 280 - ΝΑΥΤΙΚΑ ΧΡΟΝΙΚΑ - ΜΑΙΟΣ 2024

FREIGHT MARKETS

DRY BULK MARKET 20 14 18
431 494 179
Freight Market
After four months of terrorist attacks against ships
in the Red Sea, bulk carrier traffic through the Suez
Canal fell below 2022 levels, as only six Ultramaxes
crossed the canal in the first week of February. 352
Russia’s coal exports decreased by 14% in Febru-
ary because of the EU’s sanctions. However, the
Russian government has decided to increase coal
exports to China. 311

7,000.00 Baltic Exchange Handysize Index
145
Baltic Exchange Panamax Index
Baltic Exchange Capesize Index
Baltic Exchange Dry Index

Tankers Bulkers Containerships

2022 2023 January-2024

Graph 4: Newbuilding Sales

0 In contrast with the S&P market, shipowners placed
03.01.2023 03.03.2024 the fewest orders for bulk carriers since 2002. In
April, the newbuilding market picked up, while the
Graph 3: Baltic Indices demand for dry bulkers remained at high levels.

From February 2023 to February 2024, the amount Demolitions
of $/day (dollars per day) for Capesizes almost dou- In January, only 4 bulk carrier demolitions took
bled. During March last year, the Baltic Dry Index fell place. Similarly, in February and March, 11 bulk
to a low level due to a slowdown in global economic carrier vessels were scrapped (9 in Bangladesh
growth. On 1 March, we can point out the lowest and 2 in other ship recycling facilities).
point of BDI - > 1,111 units. During March 2024,
the BDI was at consistently elevated levels. On 9 Bulk Carriers Orderbook (DWT)
April, the BDI marked its lowest point at 1,571 units. 94,000 Bulk carriers Orderbook % Fleet 9%
Meanwhile, Houthi forces announced that they had
launched rockets against British and Israeli ships, 8%
a fact that instantly affected the dry bulk sector.
7%
Newbuilding - Sales & Purchase 6%
At the beginning of 2024, second-hand bulk car-
riers established a clear lead over tankers. In the 5%
first week of 2024, 20 bulk carriers (Handysize, 84,000
Supramax, Panamax, and Post Panamax carriers) 4%
changed hands against only 8 tankers.
In February, the sale & purchase market for bulk 3%
carriers continued to rise, and, as a result, 100 ves-
sels changed hands, which is double the number 2%
compared to the same period last year. 1%
Greek shipowners focused on the dry bulk sale &
purchase market and managed to buy 33% of the 74,000 0%
Capesizes and 28% of Supramaxes. It should be 03.01.2023 03.03.2024
mentioned that during March, sales of dry bulk ves-
sels increased by 267% (annual levels). Graph 5: Orderbook of Dry Bulk Carriers

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