Eight capesizes are earning an average of $24,400 per day for the next two years

‘The ability to stay nimble to react to changes in shipping markets is more important than ever,’ says Norden chief executive

‘The capesize market is structurally tight — not only are newbuilding deliveries slowing down to multi-year lows in 2024-26 but there are no VLOCs delivering until late 2026,’ said Braemar analyst Alexandra Alatari

Following a counter-seasonally strong Q1, capesize rates and futures are in retreat. Nevertheless, shares of listed dry bulk owners are holding on to much of their 2024 gains, at least so far

Last month there were 33 capesize sales concluded compared with just nine in February 2023, according to Veson dry cargo analyst

The drop in commodity prices seems to suggest slowing demand. Data also shows China’s steel exports and coal imports have seen a notable decline since March

Greek owners identified as leading buyers with one-third of capesize purchases this year, as well as ranking first alongside Chinese owners for supramax buys

Nasdaq-listed owner of 18 large bulkers intends to ‘vigorously defend’ itself against Economou lawsuit

Within February the Nasdaq-listed owner has agreed a sale-and-leaseback transaction for another of its existing vessels

BHP forecasts a small further improvement in global steel production with growth led by India, Southeast Asia and to a lesser extent China over the next two years

Fiscal and monetary stimulus by governments could boost the markets, as could a better steel sector, easing of financial conditions in China, and better-than-expected US economic growth, while a low orderbook will help reduce supply-side pressure

While an improved iron ore trade has helped capesize rates, continued strength in bauxite trades has been a more substantial factor, Jefferies analysts say