The recent firmness in India’s coal imports, which has been the main reason for increased rates in the Panamax market, is likely to continue as the Indian government’s plan to invest heavily in infrastructure will underpin domestic coal demand.
The oil market has been highly volatile in 2019 on account of uncertain supply. Although Drewry expects growth in non-OPEC oil supply to be higher than growth in global demand in 2019, US sanctions on Iran and Venezuela and OPEC’s market management have made oil prices very unstable.
Drewry has downgraded its outlook for multipurpose shipping, which includes both breakbulk and project cargo vessel types, in light of weaker projected global economic growth, greater competition from dry bulk and container sectors, as well as slower ship demolitions.
The outlook for global container port demand is modest growth and numerous uncertainties, but in the face of this, capacity expansion plans are also muted, according to Drewry’s latest Global Container Terminal Operators report.
Manning costs have risen moderately over the past 12 months, checked by easing officer supply shortage, and are forecast to rise at a similar pace over the next five years, according to Drewry’s latest Manning Annual Review and Forecast.