In the first three months of 2016, 175 new dry bulk were delivered to a market which is already weighed down by far too many ships. This corresponds to an increase in capacity of 0.4 percent, Deutsche Bank writes in an update.
The dry bulk shipowners have otherwise appeared to be taking the market conditions seriously and in the same period, they sent about 145 vessels to scrapping, the bank estimates. About 12 million tons, which is the equivalent of 1.5 percent of the total capacity on the market and which is the highest level of scrapping during a first quarter ever. The largest dry bulk vessels in particular, Capesizes, along with Panamax vessels, are highly represented in the statistics.