According to Intermodal's latest weekly report, the number of dry bulk carriers traded so far this year has hit the second highest level on record. 362 dry bulk carriers (>20,000 dwt) have changed hands in the first five months of 2024, an increase of 87 vessels compared to the same period in 2023, and historically second only to 2021 when 403 vessels were traded.
Among the various size categories, the ship types with cranes received the most attention. Specifically, the number of very handy/ultra handyman trades reached 130, followed closely by handysize with 93 completions, while capesize trades were at an all-time high of 67, well ahead of the 51 traded in the same period last year, and Panamax/Khamsar and Supra-Panamax traded at 58 and 18, respectively.
In contrast, tanker buying and selling activity is experiencing its lowest period in the last five years, in stark contrast to the first five months of 2022 and 2023," said Yiannis Parganas, Head of Research at Intermodal. To date, only 156 tankers (>20,000 dwt) have changed hands in 2024."
Of these, MR2s dominated with 59, followed by Aframax/LR2s with 27, VLCCs and Handysize were traded with 25 each, while Suezmaxes and Panamaxes were traded with just 10. Interestingly, whilst newbuildings are not the focus of the current analysis, it is worth noting that newbuilding interest in tankers is trending in a completely different direction, hitting record highs.
"At the same time, activity in the two main segments of the shipbreaking market is showing different trends. A total of 25 dry bulk carriers were sent to shipbreakers in the first five months, below the average of 32 for the same period over the past five years. And dismantling activity for tankers has been almost non-existent. Preliminary data shows that only four tankers were dismantled, the lowest level of tanker dismantling activity on record." The Intermodal report concludes.
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