Drewry sees euphoric dry bulk shipping market

Drewry sees euphoric dry bulk shipping market    The dry bulk shipping market is “currently buoyed by high freight rates and even higher levels of optimism,” according to a report by London-based Drewry Shipping Consultants.
   Drewry said that the dry bulk market hit an all time peak in May 2003 and has recorded “consistently firm levels ever since.” The consultant also asked how long the boom will last.
   “The forecasts for the global economy over the short term are steady, albeit that growth in 2003 is expected to be slightly slower than over 2002, with Asia and, in particular, China having very firm growth expectations,” Drewry said.
   Over the first half of 2003, the demand for iron ore from Asia has been the principal driving factor behind the dry bulk market.
   The “Annual Dry Bulk Market Review and Forecast 2003/04” provides analysis and five-year forecasts of the dry bulk sectors (Capesize, Panamax, Handymax and Handysize) and of the major commodities (crude steel, iron ore, steam and coking coal, grain and minor bulk).