Shiping rates wil remain volatile - Articole Transport-Business.ro

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International shipping prices will remain volatile in 2010, despite a partial recovery of sea cargo rates in mid-2009. The Baltic Dry Index, a composite of shipping prices for dry bulk products, hit a record high in May 2008, but the collapse in trade in the global economic crisis then sent shipping prices tumbling by more than 90 percent by the end of 2008.

Towards the end of 2009, a partial recovery was seen, with rates at around 40 percent of their 2008 peak. This recovery was not linear, but marked by volatility. Ups and downs in freight rates are now fuelled by excess ship capacity, and the long order book of the Asian shipyards does not help the situation.

Greek ship owners argue that the Handysize appears to be the healthiest sector right now, mainly because of the low order book and the high number of older ships scrapped. Still, many ships were bought not for scrap, but because authorities in Beijing want to pass a law that will prevent flying the Chinese flag on ships older than 10 years.

Because of this, many Chinese shipping companies were very aggressive on the second hand ships’ market, buying as many old ships as they could before restrictions would apply.