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| Published：2021.08.23 News Sources：Qingdao Gute Ship Supplies Co., Ltd. Views： | |||
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Bulk carrier market fire! BDI rose to an 11-year high
On August 18, the BDI index closed up 4.81 percent at 3,833, its highest close since June 4, 2010, and up 26.13 percent over the past month. The Baltic Capesize bulk carrier price Index (BCI) rose 8.38% to 5,365 on August 18, the highest close since May 5, surging 55.87% over the past month. The average daily rate rose by $3,446 to $44,495. Small and medium-sized bulk cargo ships transporting grain, coal, steel and other bulk raw materials, the daily rental of this year has maintained a rise. Daily rates for Panamax bulk carriers rose by $808 to $33,360 on August 18, while rates for superflexible bulk carriers rose by $469 to $35,080. It is not just increased demand that is driving the surge. Geopolitical issues such as the China-Australia dispute are changing trade routes and benefiting the bulk shipping industry, mainly coal, says Peter Sand, chief shipping analyst at THE Baltic And International Shipping Conference (BIMCO). Longer waiting times, especially at export ports and in China, are also adding momentum to rates. Recently, as Chinese ports have strengthened anti-epidemic measures, ships destined for Ningbo port have decided to switch ports, causing traffic jams in nearby ports. More than 570 bulk carriers are estimated to have lined up to unload their cargo at ports along China's coast this week, up from about 400 two weeks ago and the highest level in seven years, according to data from the Automatic Ship Identification System. Yumin shipping said that the investment in infrastructure around the world to stimulate the economy, resulting in a large demand for raw materials such as iron ore, coal and so on, with the bulk shipping market booming, but the global supply chain due to quarantine, port cancellation, extreme weather and other factors caused a gap, a serious imbalance between supply and demand of transport capacity, bulk shipping is expected to remain high. China is the largest market for dry bulk imports and exports, accounting for more than half of global bulk demand and the main driver of bulk market growth this year. China accounts for 50% of the world's steel demand, and Australia and Brazil are major exporters of iron ore. Although China's steel production restrictions and carbon neutrality policies will lead to flat or slightly lower iron ore imports in the next five years, it will increase scrap steel to make up the shortfall, and it is bound to purchase from the United States, the largest scrap exporter. In addition, countries such as Japan, South Korea and Germany are investing in infrastructure, and Brazil's iron ore exports have surged this year. Prices for small and medium-sized bulk carriers have continued to rise this year, driven mainly by demand for bulk raw materials and grains such as corn and coal, of which China is also the biggest buyer. China purchased about 9.5 million tons of U.S. corn during the 2021-2022 corn season, a record import, according to the U.S. Department of Agriculture. Huiyang shipping pointed out that in previous years, Europe and the United States in August summer into the low trade season, but this year's low season is not weak, BDI index to maintain stable growth, shipping demand is high. The recent passage of a trillion-dollar infrastructure bill in the United States is expected to boost import demand for raw materials such as steel and ore. China has also relied heavily on grain imports because of floods that have affected the summer crop, adding to already tight shipping capacity. Mr Clarkson expects demand for iron ore to surge by double digits this year as Europe, Japan and other places invest in infrastructure. Overall, global trade in iron ore is expected to grow by 4 percent this year, coal by 4 to 6 percent and grain by 4 percent, mainly from the United States and Australia. |
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