Kamsarmax has remained by far the most popular design with 122 units ordered. Not only rising +86% YoY to an 8-year record, orders in 2023 have also crossed above their 20-year average (140 units/year)! Wild speculation? Not really. The Panamax total orderbook contains orders for about 360 units, which is below the 450 units aging 20+ years that are set for retirement by the time current orders are delivered.
If you would like to get more information on this topic and the impact on the freight market, please reach out to us on: research@IfchorGalbraiths.com.