BW Group Establishes Dry Bulk Unit

Following recent news that a number of bulk shipping firms are bordering on bankruptcy as a result of tough economic conditions, Singapore-based BW Group is moving into the dry bulk sector with a new dry bulk cargo unit entitled BW DRY Cargo, and will be led by Christian Bonfils, former CEO of Nordic Bulk Carriers, according to Shipping Watch.

This comes as a bold move for company, since Bulk Invest were announced as one of the most recent companies to file for bankruptcy, following its suspension with the Oslo Stock Exchange.

Although the Dry Bulk Index has soared back up above the 300 mark in recent weeks, the rate of growth is still relatively slow and does not compare to performance before the financial crisis of 2008.

Technical Paper: How to Navigate the Dry Bulk Market

It was recently reported by PTI that the shift in the Chinese economy could see the dry bulk industry having one of the toughest years in its industry on the back of a rebalance and transition from Chinese markets.

Despite these efforts, product tanker Torm recently made a US$127 million profit, signalling hope for carriers who are currently riding out the gloomy period of low freight rates and oil prices.