Capesize
Capesize vessels have carrying capacities of more than 100,000 dwt. These vessels generally operate along long haul iron ore and coal trade routes. Only the largest ports around the world possess the infrastructure to accommodate vessels of this size.
Panamax
Panamax vessels have a carrying capacity of between 60,000 and 100,000 dwt. These vessels are designed to meet the physical restrictions of the Panama Canal locks (hence their name “Panamax”—the largest vessels able to transit the Canal), making them more versatile than larger vessels. These vessels carry coal, grains, and, to a lesser extent, minerals such as bauxite/alumina and phosphate rock. As the availability of Capesize vessels has dwindled, Panamaxes have also been used to haul iron ore cargos. Within the Panamax sector there is an emerging sub-class known as Kamsarmax. Typically between 80,000 and 100,000 dwt, they are built with a higher cubic capacity than the standard Panamaxes. The Kamsarmax ship is ideally placed to take advantage of the current high demand for iron ore and associated minerals. They combine the versatility of the Panamax build, with the “economies of scale” advantage of a greater lift, which should enhance trading flexibility. Most Panamax and Kamsarmax vessels are “gearless” and therefore must be served by shore based cargo handling equipment. However, there are a small number of vessels with on board cranes, a feature which enhances the trading flexibility of the ship and helps to service ports with poor infrastructure.
Capesize vessels have carrying capacities of more than 100,000 dwt. These vessels generally operate along long haul iron ore and coal trade routes. Only the largest ports around the world possess the infrastructure to accommodate vessels of this size.
Panamax
Panamax vessels have a carrying capacity of between 60,000 and 100,000 dwt. These vessels are designed to meet the physical restrictions of the Panama Canal locks (hence their name “Panamax”—the largest vessels able to transit the Canal), making them more versatile than larger vessels. These vessels carry coal, grains, and, to a lesser extent, minerals such as bauxite/alumina and phosphate rock. As the availability of Capesize vessels has dwindled, Panamaxes have also been used to haul iron ore cargos. Within the Panamax sector there is an emerging sub-class known as Kamsarmax. Typically between 80,000 and 100,000 dwt, they are built with a higher cubic capacity than the standard Panamaxes. The Kamsarmax ship is ideally placed to take advantage of the current high demand for iron ore and associated minerals. They combine the versatility of the Panamax build, with the “economies of scale” advantage of a greater lift, which should enhance trading flexibility. Most Panamax and Kamsarmax vessels are “gearless” and therefore must be served by shore based cargo handling equipment. However, there are a small number of vessels with on board cranes, a feature which enhances the trading flexibility of the ship and helps to service ports with poor infrastructure.
Handymax/Supramax
Handymax vessels have a carrying capacity of between 30,000 and 60,000 dwt. These vessels operate on a large number of geographically dispersed global trade routes, carrying primarily grains and minor bulks. The standard vessels types are usually built with 25-30 ton cargo gear, enabling them to discharge cargo where grabs are required (particularly industrial minerals), and to conduct cargo operations in countries and ports with limited infrastructure. This type of vessel offers good trading flexibility and can therefore be used in a wide variety of bulk and neobulk trades. As in other sectors, average vessel size has also increased in the Handymax sector and recently a new sub-class of ships has emerged which are referred to as “Supramax.” Supramax bulk carriers can be defined as ships between 50,000 to 60,000 dwt, normally offering cargo loading and unloading flexibility with on-board cranes, while at the same time possessing the cargo carrying capability approaching conventional Panamax bulk carriers.
Handysize
Handysize vessels have a carrying capacity of up to 30,000 dwt. These vessels are almost exclusively carrying minor bulk cargo. Increasingly, ships of this type operate on regional trading routes, and may serve as trans-shipment feeders for larger vessels. Handysize vessels are well suited for small ports with length and draft restrictions. Their cargo gear enables them to service ports lacking the infrastructure for cargo loading and unloading.
The following table shows the indicative deployment of dry bulk carriers by size category.
Within the fleet there is also a further distinction to be made between “geared” and “non-geared” ships. Geared ships refers to vessels that have a loading/unloading system on board the vessel itself—this could either be in the form of moving gantry cranes or fixed wire luffing cranes. Examples of geared vessels are shown below.
As such, geared ships do have a trading advantage over non-geared vessels and this additional flexibility is attractive to charterers, especially if the vessel will be required to trade to ports with poor shore based loading/ unloading facilities. Indeed, in some parts of the world, notably the Indian Sub-Continent and Africa, port facilities remain under-developed and geared vessels will be preferred.
In general, cranes are normally found on the smaller bulk carriers of either Handy or Handymax size and the number of ships with cranes of Panamax size and above is quite small. This is because the larger bulk carriers tend to find most of their employment of iron ore and coal trades, where load and discharge ports have dedicated shore-based loading/unloading facilities. Conversely, smaller bulk carriers require on board cranes as they trade to ports where loading and unloading facilities are less well developed, to the extent that in many cases, loading/ unloading can only take place using the ships gear.
Current FleetIn September 2007, the world fleet of dry bulk carriers consisted of 6,654 vessels, totaling 386.6 million dwt in capacity. It should be noted, however, that these figures are based on pure dry bulk carriers, and exclude a small number of combination carriers. The following table presents the world dry bulk carrier fleet by size category as of June 2007.
Naturally, the fleet has developed in size to meet the growth in seaborne trade and vessel demand, but it is interesting to note that in the period 2001 to 2006 the CAGR in supply, expressed in terms of deadweight tons, was 4.6%. This compares with an increase in ton mile employment of 6.9% and it helps to explain why the freight market has tightened and freight rates have risen.The following chart shows dry bulk carrier fleet development in terms of dwt (millions).
The supply of ships going forward is a function of the number of vessels to be removed through scrapping (which is largely dependent on the age profile of the fleet and the freight market) and the number of new deliveries from the orderbook.Age Profile
The chart below shows the age profile of the overall dry bulk carrier fleet as of September 2007. The bulge in the mid-1980’s represents trading vessels that were ordered in response to the strong freight markets of earlier in the decade. Similar bulges can be seen in the late 1990’s (in response to a strengthened market in the middle of the decade) and at present. The average age of dry bulk carriers currently in service is approximately 15 years.
The age profile of the fleet is a guide to future levels of scrapping and, looking forward, it is tonnage built up to the early 1980s that is liable to become candidates for demolition in the next couple of years. In terms of fleet sectors, the table below shows the age and size breakdown of the Panamax and Kamsarmax fleet. The table illustrates the big group of older Panamax built during the early 1980’s boom, and shows how the size preference within the category shifted to vessels above 70,000 dwt in the 1990’s and is now moving to the Kamsarmax vessels above 80,000 dwt.
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