Leading analyst warns dry bulk owners must continue slow steaming

Leading analyst warns dry bulk owners must continue slow steaming

Peter Sand, chief shipping analyst at global shipowning body BIMCO, has warned dry bulk owners not to get carried away this year and to continue slow steaming if they are to generate any profits.

In a 2018 markets preview video carried on the BIMCO website, Sand, who also writes for Maritime CEO magazine, said maintaining slow steaming was vital to safeguard the nascent, fragile dry bulk recovery.

2018 could become the first year since 2011 where dry bulk owners make a profit, Sand said.

“It is mostly in the hands of the shipowners, as fleet growth may increase as little as 1% if handled with care. As BIMCO’s expectations for demand growth in 2018 is slightly higher than that, fundamental improvements will follow if slow steaming is kept up,” the Danish analyst added.

Sand also discussed the global economy and the container and tanker sectors in the video, which is accessible below.

 

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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