It wasn’t just container shipping that raked in the cash last year. Dry bulk shipping enjoyed its best year in a decade. This year is different.
Container shipping spot rates have fallen, but contract rates are up, supporting average rates. Ongoing port congestion is still tying up container ships and partially offsetting a pullback in cargo demand. Container lines will earn even more in 2022 than 2021.
Not so in dry bulk. Spot rates have nosedived and bulker owners are far more exposed to spot pricing than container lines. Dry bulk congestion has cleared, releasing significant capacity into the market. Dry bulker owners may be back in the red by year-end.
