Left behind

摘要

While rates in the chemical tanker market did not experience a spectacular recovery over the last 12 months, they did show a certain amount of promise towards the tail end of the year. Freight rates improved in the last quarter, according to Drewry Shipping Consultants, with the upward turn mainly attributed to a rise in demand for vessel capacity. This was especially felt in the Asia region with imports coming from the US Gulf Coast, resulting in a strengthening in the spot markets. Other shipping sectors, on the other hand, seemed to experience a boom in trading sending rates, in certain sectors, through the roof. Figures released by Lloyd's Shipping Economist (LSE) last month reveal the dry bulk market was one such sector. LSE's freight rate index for bulkers in the 85,000 dwt range stood at 662 in November 2003, compared to just 140 in the same period of 2002, showing an increase of 373 per cent. Growing demand in China for steel, alumina and grain meant average earnings for cape-size vessels almost trebled from 2002 to 2003, standing at $32,392 per day compared to $11,381 a year earlier, according to Clark-son Research. Average earnings in the pana-max and handymax markets also saw an increase from $7,710 and $7,851 in 2002 to $19,114 and $14,186, respectively, in 2003.