Bulk Cargo Marine Transportation Industry

Abstract

Bulk cargo is being transported in large parcels to reduce transportation cost calculated per unit of cargo. Its main categories are: liquid cargo, dry bulk cargo and special bulk cargo. The deadweight of the fleet of ships carrying bulk cargo by sea increased 3.4 times in 1990-2020. Dry carriers account for 55% of the fleet and their deadweight increased 4.4 times during the same period. The Oil and oil products tankers account for 37% of the deadweights which has been increased by 2.4 times. The majority of the oil tanker tonnage (over 98%) comes from VLCC, Suezmax and Aframax type vessels. 60% of this is 200 thousands tankers sized more than dwt. The oil tanker freight market in 2002-2019 was characterized by a high level of volatility. VLCC tanker time-charter equivalent ranged from $ 8.7-95.2 thousand in 2002-2019. The variability of time-charter rates in other oil tanker categories was similar. The major part of the tonnage of product tankers (more than 90%) is derived from from LR2, LR1 and MR2 type of vessels. 43% of these are LR2 tankers. This segment of the freight market was also highly variable. LR2 tanker time-charter equivalent ranged from $ 7.5-28.8 thousand in 2011-2019 years. The main part of the tonnage of dry cargo vessels (over 69%) comes from Capesize, Panamax and Supramax type vessels. This segment of the freight market has been declining and highly volatile in recent years. The capesize-type ship time charter equivalent ranged from $ 3.5-30.8 thousands in 2011-2019. Keywords: bulk cargo, oil tanker, bulk carrier, gas carrier, chemical tanker, time charter equivalent.