With the new year fast approaching, it is encouraging — and not surprising — that the dry bulk market finds itself on solid footing. Capesize rates ended last week up year-on-year by 236%, panamax rates up by 37%, supramax rates up by 29%, and handysize rates up by 27%. Fleet growth remains moderate and manageable. Most recently, approximately 39 newbuildings were delivered in November, which was 4 less than were delivered in October. Approximately 3 vessels were scrapped, which was 2 less than were scrapped in October. When all is said and done this year, the fleet will have grown by a net addition of around 375 vessels. For 2026, we expect the fleet will grow by a net addition of at least another 375 vessels. Going forward, we remain bullish — and in particular, most bullish for the capesize market.
