Analyst Amit Mehrotra has identified 36 ships across just three companies that are set for proactive dry-dockings which will delay potentially costly upgrades to treatment systems for up to five years.
In a report the analyst said the bank was increasingly optimistic about the prospects for dry stocks, suggesting the summer improvements in the market can be sustained. Fourth quarter rates could be even stronger, Mehrotra added.
“To be clear the dry bulk sector still has challenges- namely persistent overcapacity and ongoing restructuring of China’s economy- but in Shipping long-term views are about as useful as an ejection seat on a helicopter,” the analyst said.
Mehrotra says the dry-dockings will be positive for rates given the temporary reduction in supply at the same time as seasonal demand will be stronger.
Capesize rates rose fractionally on Monday having dropped from $19,500 to $13,800 per day in the previous week.
Panamax and supramax rates were flat at $8,400 and $9,500 per day respectively, according to Clarksons Platou Securities.
