banchero costa dry bulk outlook 2006 march research www bancosta it blue studies volume 10 1 what happened in 2005 2 demand for 3 supply 4 conclusions index the last three years have been exceptional market with charter rates reaching levels even times above their historical averages reason this has an unexpected surge of on back relatively modest fleet capacity growth panamax only expanding and 2002 2003 respectively shock limited to steel sector iron ore products steam coal whilst trade was not itself 8 13 2004 but overall 6 both most generated by a single country china mostly involved from australia brazil india result exceptionally long delays at australian chinese ports certain point almost 20 capesize
