Not as bad as feared for dry bulk, but no ‘miracle’ profits expected
- Baltic capesize index up 27% week on week although still down 18% year on year; panamax and supramax indexes significantly underperforming capesize index
- Bulker asset values, particularly capesize asset values, remain historically expensive
- Dry bulk shares now trading at a 35% discount to NAV, but bulker stock prices have gained recently, buoyed by broader upward momentum in stock market
At the tail end of 2024, there was talk of a disaster scenario for dry bulk this year, courtesy of economic malaise in China. Five months into 2025, dry bulk is not a disaster, nor is it much of a success story
