Trader Trafigura said it made a profit from both its wet and dry chartering operations in 2016, reporting a significant rise in shipping fixtures for the year.
In its annual report Trafigura said its shipping and chartering fixtures for the 12 months to 30 September rose to 3,878, up from 2,744 in the same period last year.
Of this number, 2,974 were made by its wet desk and 904 from its dry division.
But while fixtures were up across both divisions, wet volumes carried increased at the same time that dry volumes slipped.
Trafigura said the shipping and chartering desks faced “a challenging environment” in 2016 and reduced their exposure in terms of vessels on time-charter.
The trader said it focused on locations where its cargo programme is strongest, limiting downside risk by maximising capacity utilisation.
For 2017, Trafigura sees a weaker wet freight performance for 2017, with higher scrapping activity only marginally offsetting supply growth.
On the dry side the trader said it expects to see the distressed market conditions continue, although it flagged up early signs of a recovery with a record volume of dry freight tonnage being scrapped, few new orders and continuing cargo expansion.
