New milestones for Bulk Carriers with new seasonal record in 1Q’24!

New milestones for Bulk carriers? In 1Q’24, the utilization of the Bulk Carriers fleet (>10kt-Dwt) rose +9% YoY to a new seasonal record of 7.5 trillion ton-miles during a Q1.

A graph in blue with yellow line featuring Bulk Carriers Usage. Q1 2024

The increase was primarily a consequence of the longer distances sailed due to transit restrictions via the Red Sea and the Panama Canal. Consequently, the number of bulk carriers sailing via Cape of Good Hope hiked +55% YoY to 4,482 vessels during 1Q’24 and the cumulated distance sailed by laden vessels rose +11% YoY to a new record too! Up +4% YoY, cargo quantities also contributed to the strong output delivered in 1Q’24.

If you would like to get more information on this topic and the impact on the freight market, please reach out to us on: [email protected].