As daily earnings for Capesizes, the largest of the dry bulk ship types, reached US$28,520 on Friday 16 April, a 10-year high was attained. However, whereas that day's daily average time charter equivalent earnings (TCE) are seasonally strong, they are not special by their own merit, according to shipping association Bimco. It attains greater significance, though, when seen as a part of the overall elevated freight rate levels so far in 2021 - currently at a daily year-to-date average of US$18,133. Comparing the 2021 year-to-date daily average Capesize earnings with the averages of previous full years, it has already exceeded that of 2019 (US$18,025), not even four months into the year. This happened on 16 April, and a higher level has not been reached since 2010, when the daily average reached US$33,298 as Chinese demand alone ensured the recovery of the dry bulk market following the global financial crisis. Peter Sand, Bimco's chief shipping analyst, said: "Now, the force of the Chinese dry bulk imports, powered by economic stimulus, is once again fuelling the economic recovery that was shattered by the COVID-19 pandemic in China and lifting the whole dry bulk shipping market.
展开▼
