Dry Bulk Shipping: El Niño to act as a new demand shock BIMCO says

🌐 Hellenic Shipping News (Greece) —

AI Summary

BIMCO warns that the El Niño weather phenomenon is expected to act as a new demand shock for dry bulk shipping. Uncertainties around the Strait of Hormuz remain, with recent ceasefires providing only temporary relief to transit safety conditions.

“Uncertainty over the Strait of Hormuz remains central to the outlook. A three-week ceasefire between the US and Iran allowed transits to partly recover, but safety conditions have since deteriorated. Under normal market conditions, around 4% of dry bulk cargoes and tonne-mile demand sail through the strait,” says Filipe Gouveia, Shipping Analysis Manager at BIMCO. ...

World Conflict Markets Shipping El Niño dry bulk shipping BIMCO Strait of Hormuz demand shock ceasefire US-Iran relations

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