Despite the oversupply in dry bulk market, the demand for Capesize bulkers is to reach as high as 1300 vessels in the next ten year, Moody’s predicts.
In its recent report, Moody’s points out that dry bulk trading volume will increase by 3% year on year till 2021 to 4.7bn tonnage. It is estimated that 1111 to 1311 Capesize bulkers will be needed to haul the increased cargos.
The new demand in dry bulk shipping is mainly due to the great need for fresh meat and grains from those newly-emerging countries as well as the elongation of the original routes.
However, the dry bulk shipping rates are likely to be depressed for 12 to 15 months more due to the lasting capacity oversupply.
Besides, Moody’s reveals that trading growth will declined to 4% or 5% this year from 6% of 2011 while shipping capacity growth rises to 8%. The imbalance in shipping industry is projected to continue to 2013.