The
Baltic Dry Index (BDI) Wednesday achieved a fourth consecutive day of positive
movement, gaining 6 points to reach 307, as reports also indicated scrapping in
the sector was accelerating.
In
terms of average TC spot rates, both the Panamax and Supramax segments rose to
$2,862 and $2,710 per day respectively.
Meanwhile,
the Capesize segment saw a $6 dollar decline on daily earnings, landing at
$2,799 per day.
Meanwhile
the pace of dry bulk vessel demolition is reported to have accelerated over
recent weeks, with Erik Nikolai Stavseth and Kurt Waldeland, shipping analysts
at Oslo-based Arctic Securities AS (Arctic), estimating that about 50 million
DWT will be scrapped during the 2016 year as a whole.
As
Ship & Bunker previously reported, Peter Sand, chief shipping analyst at
BIMCO, said dry bulker demolition sales reached 4.6 million DWT during January,
representing an 84 percent increase from 2015's monthly average sales of 2.6
million DWT.
Stavseth
and Waldeland suggest that while the current demolition rate may not be
sustained throughout the year, demolition sales will prove to be the most
significant way of restoring the market's supply and demand balance over the
next few years.
The
two analysts' forecast of a scrapping rate decline in coming months comes
alongside a prediction of a lighter than expected influx of new tonnage during
the remainder of 2016, with January alone consisting of around 21 percent of
the year's orderbook.
"Our
tracking of actual deliveries versus scheduled deliveries over the past five
years show an average of 66 percent actually delivered and hence we stick to
the view that also 2016 will see a lower influx of tonnage than the orderbook
suggests," said Stavseth and Waldeland.
Last
week, Ship & Bunker reported that Khalid Hashim, CEO of Precious Shipping
Public Company Limited (PSL) has said that there could be wave of bankruptcies
in the dry bulk sector as owners find themselves unable to secure financial
backing due to banks pulling back on uncertain loans.
Source: ship and bunker. 18 February 2016
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