Bulker spot rates hit some of the highest levels in around 13 years this year as pent-up demand unwound, following the depressed markets of mid-2020.
Discussion in early 2021 focused on whether we could be starting a commodities "super-cycle" as nations around the world — notably China, a major importer of dry commodities — announced stimulus packages.
The question for exporters was: can you get a ship? In addition to high demand, bulkers have been stuck for long periods in port congestion, quarantine or while waiting to change crews.
