morning we over from through all world, ladies Thank today. you, Good some Together, gentlemen. Tasos. walk and market highlights the will
meanwhile, around highlights was $XX,XXX X rates Panamaxes quarter, in We stood charter By weeks. some until now. per time of slightly In the at second X market for below had Slide approximately year day. have rate the spot the to recently.
In past Panamaxes quarter over the during go per up rates the day risen market to on quarter spot XXXX August, $XX,XXX. $XX,XXX Turning slight the the just for for and second average softening
However, of significant notable during Sea from a rates still XX%. year, the was Red This uplift driven last nearly ongoing increase around $XX,XXX which employment that was marks same the improvement by Panama represent a and primarily period disruptions. in rate
China. recent from Europe stabilization and to X Please activity some X modest years economy now stronger the see global next turn from cooling to and consumption created update.
The Fund to over in U.S., Slide experience the growth a with data the in IMF exports
its most growth slightly X.X%, up its with forecast points XXXX forecast next and by year's with As revisions. percentage [indiscernible] while consistent X.X%, upward projection, India, a maintained to notable the result, the bringing China increasing IMF X.X
to hand, XXXX, with -- has On projected revised quarter. which downward is the in Russia most down to down from the Japan's previous from other X.X%, been together to X.X% in for X.X% this growth year from go X.X%, the X.X%
vital levels market X of dry market, continue driver decades a shaping infrastructure along is than are growing closely. commodities so. As developing of support at seen played to and over which the been from sector continue the real dry weight with monitor shipping the rates now, are we that this [indiscernible] estate significant bulk more anymore. and sectors, fact the have bulk in the like to imports have despite to in for saturated others, [indiscernible] and given has China past market expected economy the this role past Its years in not China's X do we And which to the different property see
if continue well. growth the the be which main this its bulk healthy material that the growing at levels more question next improved predominantly. what and to to projected is level On help and economy revision workforce private a This robust this market attributed remain effects India's India, about things drive have about upward In driver profitable note, X% few world to year. will as getting that is So is, to consumption a more more let's at tight? trade this seem dry the say is will to on respect,
has that next growth expected to the down for IMF a slow year, However, is bit cautioned X.X%. to
Meanwhile, forecast economy, engine the group the from April. like Asia, for still remains remaining the unchanged global ASEAN-X broadly economies the in with remaining the main
Red higher. to sea. further dry be about XXXX. according this any the Lower factors normalize, duration areas expected moment, Panama entire due conflicts and year is is the the to in could of in the and these drive Demand about conditions grow remain and includes in the other the prediction situation longer Canal further trade tonmiles in Clarkson, X.X% by demand by presently that year. bulk on but to uplift Sea we in these for percentage Sea assuming speeds regions demand could boost Red in X.X potentially looks even grow Now are surprised resolved the X.X% the to at projected are upside, unchanged, congestion for unsettled. This and demand could the Canal Panama A disruptions disruptions. point, Red very these If XXXX about
the Now ] and fuels please low XX. to have new prices building Slide continuing. turn the led about [ book Uncertainties order high to
total the the lowest X order suggests X the a years. levels. book next of percentage historical fleet of growth a August is of couple fleet only As over X.X%, the as low XXXX, near which This to is
the increased introduction further. slow the steaming fleet the new available of low This even have reduce environmental this to and expected could Complementing growth, the we due supply bulk of regulations. effective scrapping also effect
on to Now Slide XX. turning
new now total the fleet fleet about a than years candidate the due XXXX into if at and detail. the that According year, for report, X.X% latest year Also in in percentage old, levels. next lower course, this look and X.X% market deliveries Let onwards. remains are to older expected expected actual or be good of about more bit Clarkson's current The and of is to therefore, to as slippage. a to is, fundamentals us X% note especially be the of growth a scrapping, figures and lower X.X% than aforementioned fleet scrapping the supply XX
bulk far market July, for remained we of rates bulk XXXX few and the in Please XX, by with year-over-year. levels. rising positive carrier weeks turn to market. Slide above rates now average XX% softening been healthy last where the year's so has the during our The last freight slight summarize outlook Despite dry
the with the indicator market, showing impacted global in region, an positively seaborne especially growth, demand the increase. trade Robust bulk dry have Atlantic
and disruptions positively. Canal Additionally, Sea Red have in contributed also Panama the
to in second a quarter Panamax per compared reached last XX% increase reflecting of year. freight $XX,XXX XXXX, rates the almost the second quarter day
rerouting The outlook Sea transits away being in. less XXXX kicks the increase optimistic The to for the X.X% bulker to staying bulker second Restrictions Canal leading vessels of Suez demand. from a continued X/X is half as key estimated with in the stable bulker with focus, remains of recently Red seasonality normal than an impact have months, recent market in Canal on of transits the levels. relatively Panama
transits the additional the normal, increase to back slots trends slightly daily for ships. rest through the demand of could and However, bring potentially bulker reducing year
Now and passages of the Middle normality we ahead under East. is next the consideration of hard geopolitical in X return the looking major something predict of timing to considering have to circumstances to again, take year, the really to Suez Panama, that the
spike. the any other which book, creates the a competitive, operational of favorable grows the bulk strong case, world economy very order In a necessary could of if makes rise pace demand market ships the healthy operations and trade in the environmental cost, dynamics, a dry manageable further drydocking at regulations, relatively trigger and which small less creates introduction
Electricity demand the vehicle introduction electrification fleet, worldwide greatly of growing great that something of fast the bulk provides the supported at intelligence in is artificial dry market. and a pace, support by
remain penetrate to renewables mix, evaluated the the better and in future. be as prospects coal trade electricity the However, further immediate dynamics
evolution now rates turn side charter XX. since slide The the Panamax time shows vessels left Slide XXXX. of of to X-year Let's the of
average with rate region Vessel ships can above previous approximately day. as prices charter is historical per of see, As was well XX,XXX tons XX% are of you a in about day, capacity August, below time X-year seen which median the $XX,XXX years. is the just clearly above of the $XX,XXX in for prices, which Panamax rate,
the And will floor that, to CFO, our now to with pass discussing financial Aslidis, continue I data. Tasos
