Company: CMDB
Filing Date: 2025-03-31
Form Type: 20FR12B
Source: 0001140361-25-011425
Chunk: 158

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-03-31
Form: 20FR12B
Chunk 158
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 projected to cool to approximately 1% in 2025, though uncertainty remains around the outlook, particularly with a range of scenarios around Chinese dry bulk imports after recent record levels, the mixed underlying economic trends in the country and other risks that require further monitoring such as international geo-political tensions.

Disruption has generally been supportive for dry bulk vessel demand recently, with shifting trade patterns – often towards longer distance trade routes – adding to vessel demand in tonne-mile terms (tonnes moved multiplied by distance carried). Factors including shifting trade flows following the start of the Russia-Ukraine conflict (for example, Russian coal being redirected away from Europe to Asia and European imports from further afield), disruption at the Red Sea / Suez Canal and Panama Canal (each seeing many vessels redirected on longer alternative routes) drove an approximately 5% increase in the average “haul” (distance) of dry bulk trade between 2021 and 2024, adding significantly to vessel demand growth over and above volume trends throughout the period. The Red Sea crisis has created notable uncertainty around the dry bulk tonne-mile demand outlook; a normalization in trade routings could see trade distances ease back in the future.

Figure 5. Dry Bulk Supply-Demand Growth Trends

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#### Dry Bulk Supply Trends
Dry bulk vessel supply is a function of the size of the existing fleet as measured by cargo carrying capacity (typically in dwt, deadweight tonnes), and is influenced by the rate of newbuilding deliveries, scrapping and the operating efficiency of the fleet. At the start of February 2025, the total dry bulk vessel fleet stood at 14,155 vessels of a combined 1.04 billion dwt.

The dry bulk fleet has seen significant growth since 2000, growing from a total carrying capacity of 267 million dwt at the start of 2000 to over one billion dwt by the start of 2024. Growth was particularly rapid through the late 2000s and the early 2010s, with a period of record ordering through 2006-08, as the orderbook as a percentage of fleet capacity hit approximately 80% by late 2008, up from less than 15% in the early 2000s. Fleet capacity growth peaked at 17% in 2010 (and averaged more than 10% per annum across 2007-2013) as the orderbook delivered, and the fleet doubled in size between