Congestion in the bulk carrier sector has declined, and rates have dropped dramatically. At this time last year congestion, principally in China, meant that much more tonnage was needed than was available. According to data from brokers Braemar, queues of laden bulk carriers reached as high as 61.5m dwt in September 2021, equivalent to 6.8% of the fleet.
Those queues have declined to 38.5m dwt for the fleet, 37.5% down year on year. The current queue is also 18.4% below the five-year average.
In China the laden vessel congestion has fallen to 11.8m dwt, 59.6% year-on-year.
Braemar said in a new report that bulk carrier congestion “will not play as prominent a role in supporting the market going forward as it did in prior years, particularly since the pandemic began”.
