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Drewry: Half of the older Capesize ships must go

The overcapacity in the dry bulk fleet - the root of the severe crisis in the industry - could be gone within a few years if carriers were willing to pull vessels out of the market. Half of the global fleet of Capesize vessels over 12 years old must go, says Drewry.

Photo: PR-foto

After the first ominous signs from the dry bulk industry in 2016 of impairments and expectations of great losses in 2015, UK-based Drewry has projected how much tonnage needs to be removed from the market in order to recreate a profitable balance.

Within the next few months, basically all the major dry bulk carriers will publish annual reports, and the forecasts already look bleak. One of the first tangible signs was the warning last week from Norden, which after massive impairments now projects an operating deficit of USD 277-297 million for 2015.

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