Weak dry bulk rates until 2013, Pacific Basin says

Weak charter rates in the dry bulk market are anticipated to persist through 2013 due to the influx of new ships, according to Hong Kong's largest dry bulk vessels operator Pacific Basin Shipping. “We are concerned about the two years ahead of us,” Klaus Nyborg, ceo of Pacific Basin, said at a shipping conference in Imabari, Japan last Friday. Nyborg added that his company will be “fairly confident” about the market after 2013. According to a May report by Barclays Capital, the global dry bulk fleet will grow 55$ from 2010 to 2013, outpacing a 28% increase in demand.


The Baltic Dry Index (BDI) has plunged 65% in the past year as the number of vessels available surpasses demand for iron ore and coal shipments.
(Source:http://www.seatrade-asia.com)