Essay: Changes in dry bulk market

Sample Essay

The most recent changes that have taken place in the dry bulk market pertain to increase that to the contrary took place in the sector in 2005. The deliveries in tonnage made by new bulk vessels increased by four percent in the period 2004-2005.

However the sale of the bulk carriers decreased in 2005, where from 58 vessels to 49 vessels. Moreover the years leading to 2005 depicted one of the lowest tonnage in the dry bulk market as observed in the past ten years. The deadweight tonnage depicted an increase in the period from 2002 leading to 2006. This increase was of approximately 4.8 percent on an annual basis. When this figure is converted to the number of carriers, it comes to about an increase of 2.1 carriers on a per annum basis. The dry bulk market also depicts that about 1,267 bulk vessels were acquired to existing operating fleets and 603 were discontinued. Of the 1,267 new vessels added, only two were OBO carriers. The break don of ships over the years has also decreased to only 107 for the period 2004-2005. (2006, ‘ISL Market Analysis’)

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