Dry bulk shipping demand to fall in 2024.

In our base case scenario, we expect global dry bulk cargo volume to grow between 1.5 percent and 2.5 percent in 2023 and between 1 percent and 2 percent in 2024.

Average haul is expected to increase between 0.5 percent and 1.5 percent in 2023, driven by sanctions on Russian coal and higher iron ore and grain shipments from Brazil.

In July, the IMF forecast the global economy to grow by 3 percent in both 2023 and 2024. This is a slight improvement over their previous forecast, but still well below the 3.7 percent average annual growth seen in the 2010s. Inflation remains a key challenge in several economies, forcing central banks...