![]() The year 2020 higher fuel costs will potentially accelerate scrapping, especially if the market stays relatively slow and if scrap steel prices maintain their current values.ģ6 ships are older than 25 years old already, so a 2% of the fleet may be removed anytime as we speak, even if 83% of this overaged fleet belongs to end users that have less commercial incentive to offer quality competitive ships in the broader market. The ships on order stand at 261, a 12% of the existing fleet, considered as a healthy orderbook rate, provided that there are 190 ships older than 20 years old (8.8%), and if the bulk trade growth rate is abt 3-3.5%, this is left to be served by 71 ships as surplus to be delivered in the next 1-2 years from the shipyards (abt 5.7M tons of cargo capacity will be added). We immediately notice how younger ships ordered the last 5-7 years largely displace the old classic 73-75k DWT panamax workhorse. The pure dry bulk Workhorses (2.117 ships) are having the below distribution of size/age categorization: Of those, some are special purposed bulkers, such as Open hatch, Woodchip carriers or Self-Unloaders, abt 42 ships. There are totally 2.159 such sized ships as we speak in the waters. Today, a modern benchmark Kamsarmax burns overall (engine+auxiliaries) about 29-30 tons/day at design draft and service speed of 14.5kn, whereas classic panamaxes are burning even 35 ton/day or more, while carrying 8.000-10.000 tons less cargo. ![]() Therefore after 2013, we noticed Shipyards contracting in their majority larger 82.000+ dwt Bulk carriers, with stretched beam basis Panama size features, shallower draft, bigger cargo capacity over length, ships equipped with electronically controlled main engines, having hydrodynamic optimization that overall provided for better fuel efficiency. with the Brent exceeding even 100 usd/barrel during certain period), shipowners first started to look on improved design solutions that offered better cargo intake and lower fuel consumption at same drafts and speeds. The effort to stretch dimensions has some physical limitations imposed by the bulk trading, such that the beam of the ship needs to sized as per Panama Canal width (hence the name ‘Panamax’), and the length can be maximum extended by 229m, to be marginally able to call the Port of Kamsar in the Republic of Guinea on the west coast of Africa, a major bauxite loading Port.ĭuring the period of 2012-2013, in view of the implementation of IMO EEDI regulations for new ships energy efficiency and due to the very high fuel prices of that time (i.e. More cargo capacity over pretty much same main dimensions mean better economies of scale, better return on investment and more flexible utilization of the ship in cargo loading. There is a continuous need to increase cargo carrying capacity but keep certain length limitations. Since 2010 we have started to notice Shipyards in Korea, Japan and China contracting larger 75k DWT 225m LOA or 80k DWT 230m LOA in rounded DWT intake and length overall figures. This classic Workhorse is now destined to become obsolete. ![]() Well, it is not so big as a 180.000 dwt Cape or 210.000 dwt Newcastlemax, but I recall my Professors mentioning it as ‘the Workhorse of the Seas’… Looked like a massive beast when approached side by side from the transport boatbelow the main deck, with the ship that time being in ballast draft, and the gangway ladder being really breath-taking to climb. Since my early Naval architecture University study days, I recall visiting along with my peers a 73.000 dwt ‘panamax’ bulk carrier in the vicinity of Piraeus port for an educational tour on board.
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