China’s expansion as a dry cargo exporter is changing demand for geared bulk carriers in the Pacific, while growth in developing economies is supporting the minor bulks market, according to Belships chair and chief executive Ivar Hansson Myklebust. Speaking to Splash 247 ahead of Geneva Dry 2027, the Norwegian shipping executive expressed cautious confidence in the sector’s prospects despite uncertainty over future demand.
Myklebust said shipping forecasts often give too little weight to economic expansion in developing countries and the cargo volumes moving into and out of those markets. In his assessment, that growth has helped lift trade in most minor bulks and should continue to underpin demand for handysize and supramax vessels for some time.
China’s trading profile is another important consideration for shipowners. Myklebust told Splash 247 that the country, previously overwhelmingly an importer of dry cargoes, had become a significant exporter over recent years. That development is changing established trading patterns and demand for geared vessels in the Pacific. Whether the export trend persists will be a key question for owners deciding where to position their fleets.
The relationship between cargo demand and vessel availability will also feature prominently in industry discussions, he said. While the direction of demand remains highly uncertain, the composition of the fleet over the next three to four years is comparatively clear. Myklebust identified that contrast as a central issue ahead of the Geneva gathering.
Security remains a concern following attacks on merchant vessels in the Black Sea and Arabian Gulf that caused seafarer deaths. Myklebust said he hoped the hostilities would have ended or eased substantially before the conference. On technology, he saw scope for progress through better routine operations, including maintenance planning and freight collection, rather than primarily through radical changes.
Myklebust is scheduled to speak on the Minor Bulks panel on 28 April at Geneva Dry 2027, which runs on 27–28 April at the Hotel President Wilson. He highlighted the opportunity to hear differing views directly from participants across the commodities shipping business as a principal benefit of the event.