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.