Star Bulk positive on dry bulk outlook

摘要

Dry bulk shipowner Star Bulk expects rising demand and limited fleet growth to create "long-term favourable dynamics" for its industry in the future, as it reported a profit of $35.8mn in the first quarter. The company expects a number of factors to support demand for dry bulk ships during 2021, projecting a 4pc overall year-on-year increase in tonne miles. It highlighted rising Chinese steel production and the continuing recovery of Brazilian iron ore supply from the Brumadinho tailings dam disaster in 2019 as drivers of iron ore tonne miles. Brazil to China is one of the longest and most liquid Capesize trade routes globally.