Anticipated growth in the demand for dry bulk cargo offers promising prospects for the shipping industry, says the Baltic and International Maritime Council (Bimco).
According to Bimco's comprehensive third-quarter market overview and outlook, 2023 is projected to see an expansion of between 1.5% and 2.5%, with further steady growth of 1%-2% expected for 2024.
The council's chief shipping analyst, Niels Rasmussen, said thanks to sanctions on Russian coal and iron ore and grain shipments from Brazil, the average haul was expected to increase between 0.5% and 1.5% this year.
“In July, the IMF (International Monetary Fund) forecast that the global economy would grow by 3% in both 2023 and 2024.
"This is a slight improvement over their previous forecast, but still well below the 3.7% average annual growth seen in the 2010s. Inflation remains a key challenge in several economies, forcing central banks to increase interest rates, slowing down economic growth,” he said.
- Read the rest here: "Possible uptick in dry bulk cargo".
