Project Description
Demand for dry cargo vessels fell slightly in November on a month-on-month basis but was 8% above the previous year. This combined with the well-known problems with the canals, contributed to a strong end of year for the dry cargo sector.
India has taken more seaborne coal in the later part of 2023 which has helped make the 2023 the year of peak coal demand. Chinese demand has for coal has remained stable but while their stocks where higher than this time last year their power consumption is at a record high which will continue to heap pressure on them as their cold winter continues.
Bauxite demand has also gained ground towards the end of the year after a small dip which can further explain the gain in Capesize freight rates. A strong US soybean season has also supported the Panamax market too running higher than his time last year.