The dry bulk market ended the year robustly, with December showing significant growth across most commodity groups. Overall, the last quarter saw a 15% increase compared to the previous quarter and a 21% rise year-on-year. Iron ore had a notable 8% increase in the last quarter compared to the previous year.
Coal emerged as the standout performer for cargo growth throughout the year, with an additional 168 million tonnes compared to the previous year, followed by iron ore with 78 million tonnes. Ores and minerals saw a slight increase, buoyed by strong bauxite exports from Guinea. In 2023, iron ore supply remained steady from Australia, while Brazil experienced typical first-half dips followed by a strong second half. Increased coal volumes from Australia to China, driven by demand from the Far East, notably China, contributed significantly to Australia’s strong performance in 2023.
Overall, 2024 looks to be relatively flat compared to 2023 however the events around both of the canals have increased tonne miles significantly for most ships. This has brought us into a strong market offsetting very flat demand.