Freight rates for dry cargo remains under pressure for the coming 12 to 15 months as a result of overcapacity topping at a time where growth is low. Moody’s establishes so Wednesday in a special comment called “Dry Bulk Shipping: Oversupply to keep freight rates low until 2013”.
Even though scrapping, postponements and cancellations will take off some of the pressure, any positive rate signal will be cancelled out by the high number of new ships entering the market. At present, the order book makes out 33 percent of today’s total tonnage. The majority of the new ships will enter the fleet in 2012 (69 percent) and 2013 (25 percent)
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