Last year was just one chapter in market recovery story, Clinton Webb says.
Analysts at Axia Capital Markets have increased their dry cargo rates forecasts by an average of 20% for this year, following a strong performance in 2017. Axia's Clinton Webb increased daily earnings forecasts for panamax and supramax bulkers to $13,000 and $12,000 respectively, while capesize bulkers are set to hit $17,500. "With the current orderbook-to-fleet ratio at 9.6% … we believe the dry bulk market has clear runway into 2020," said Webb. In addition, he forecast capesize daily earning of $23,000 for next year, alongside $16,000 and $15,500 for panamax and supramax.