The great thing about looking at the dry cargo market is anticipating which direction things might go. It does feel that 2023 is fairly stagnant. On face of it the data is showing trade holding up with coal leading the charge of strong growth areas. Add to the fact that the inefficiencies caused by covid 19 have unwound themselves and sadly freight rates look depressed.
The positive news come in the smallest size segment the Handysize. The utilisation was up in the high 80’s for April and May, which is the highest level for several years. All of the traditional handy segments of minerals, steel and cement have been steadily rising all year. The South American Soybean season also looks strong which has supported the Panamax and Supramax trades.