Considering the index is 5x higher today than the all time low it hit last year, I would think that is improvement. The index is about half of its long-term average so one would think there is still plenty of upside.
Cape and Panamax tonnage is on pace for less than 1% growth this year. While owners have made a lot of progress in reducing newbuildings and scrapping and thereby changing the supply side of the equation, demand will need anothe year or two to catch up. That is what is needed to bring the BDIY up to average or greater. BWTS and sulphur restrictions could also impact supply side as owners could scrap some ships versus spending millions more on older ships.
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