Dry Cargo

An experienced team specialising in the Capesize market, our dry cargo brokers operate from key hubs in London, Dubai, Singapore, and Hong Kong. We extend our services to smaller deadweight markets based on our clients’ needs. Backed by robust research capabilities, our goal is to offer informed advice and assistance, guiding clients through the intricacies of the challenging and highly volatile freight markets.

Our goal is to offer more than just brokerage services; we aim to provide informed advice and assistance that guides clients through the intricacies of today’s challenging and highly volatile freight markets.

Dry Cargo in numbers

1590+

Capesize and Newcastlemax bulk carriers in operation

1b

Tonnes Chinese Iron Ore imports in 2022

Dry Cargo Team

Adelene Low

Dry Cargo Operator

Department: Dry Cargo Capesize Dry Ops

Location: Singapore

Bernard Zhang

Trainee Broker

Department: Dry Cargo

Location: Hong Kong

Carl Palmer

Broker

Department: Dry Cargo Capesize

Location: Singapore

Edward Calbom

Broker

Department: Dry Cargo Capesize

Location: Dubai

James Stewart

Sectional Director

Department: Dry Cargo Capesize

Location: Singapore

Jercynda Neo

Dry Cargo Operator

Department: Dry Cargo Capesize Dry Ops

Location: Singapore

Jeremy Abbott

Broker

Department: Dry Cargo Capesize

Location: London

Nicholas Ward

Managing Director

Department: Dry Cargo Capesize

Location: Singapore

Samuel Tay

Broker

Department: Dry Cargo Capesize

Location: Singapore

Shengming Zhang

Broker

Department: Dry Cargo Capesize

Location: Hong Kong

Stuart Mitchley

Broker

Department: Dry Cargo Capesize

Location: London

Propelling maritime trade through excellence in shipping services.

With over 130 years of experience and a global network of industry connections, we are your trusted partner in shipbroking and advisory services.

Tankers

From crude oil to refined products we facilitate the chartering and brokerage of tankers.

LPG, Ammonia & Petrochemical Gases

Leveraging expertise, we ensure seamless transportation of liquefied gases.

Sale & Purchase

Facilitating the acquisition, divestiture and value optimisation of shipping vessels.

Specialised & Chemical Tankers

Offering specialised solutions, we manage the chartering and brokerage of chemical tankers.

Projects & Time Charter

Catering for the specific needs of clients in project and time charter requirements.

Consultancy & Research

Providing valuable insights and strategic advice to empower our clients with market intelligence and analysis.

LNG

Facilitating chartering solutions to ensure the efficient and secure transportation of LNG.

Dry Cargo

Managing and actioning the chartering and brokerage of dry bulk commodities.

Discover more weekly reports

Tanker Market Report 20.12.24

The Year in Review

2024 started with fresh OPEC+ supply cuts and the onset of the EU’s Emissions Trading Scheme, though both of these seemingly impactful stories were quickly swept away by a wave of Houthi attacks on commercial shipping passing through the Red Sea. While these attacks initially targeted only Israeli linked vessels, they quickly became more indiscriminate leading to large scale re-routing from the Suez Canal to the Cape of Good Hope with no end currently in sight, although attacks on merchant vessels have subsided somewhat.

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Tanker Market Report 13.12.24

Choppy Waters Ahead

In recent years, the tanker market has faced quite a few tailwinds. Structurally, the industry has benefitted from the colossal gains in tanker tonne miles following sanctions on Russia, the exit of aging tonnage into the grey fleet and minimal new deliveries. This year, the rerouting via Cape of Good Hope has also supported the clean tanker market.

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Tanker Market Report 06.12.24

Keep Rollin

Yesterday OPEC+ made the seemingly inevitable decision to roll over production cuts for another 3 months, acknowledging that the current fundamentals do not allow for additional OPEC+ production. In fact, with the fundamentals suggesting a well-supplied market for 2025, the group further slowed the pace of production increases.

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Tanker Market Report 29.11.24

Mexican Standoff

President-elect Donald Trump has announced that he will implement a 25% tariff on all products entering the US from Canada and Mexico. Sources indicate that oil will not be exempted from the tariffs, and as such oil flows could be significantly impacted. Canada exports over 4 mbd to the US, the vast majority of which is heavy crude transported on pipelines and difficult to redirect. Mexico on the other hand, exports around 500 kbd of mostly heavy crude to the US, all of which is seaborne and more readily redirected. If these tariffs are implemented, how will Mexican and Canadian oil flows change?

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Tanker Market Report 22.11.24

Persistent Weakness

Crude and product tanker markets have been under heavy pressure so far in Q4, with clean West rates currently the only bright spot. Whilst markets are frequently volatile, persistently weaker returns in the middle of a traditionally strong fourth quarter are causing concern. What are the demand factors behind weaker rates and earnings?

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Tanker Market Report 15.11.24

The latest East-West divide

Lacklustre oil demand from China has been a leading story in tanker markets this year. In its annual report published in June, the IEA forecast Chinese demand growth of 480 kbd for 2024, which has been revised downwards several times this year, to now 150 kbd. The reasons cited behind the slowing demand growth are many, ranging from increased adoption of EVs and LNG trucks, to a slowdown in industrial activity and consumer spending.

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Tanker Market Report 08.11.24

Too Close to Call?

With the stunning election of Donald Trump as the 47th president of the United States, energy and shipping markets are now frantically calculating the impact on their business plans. For tanker shipping, the president-elect’s support for the US oil sector suggests good times lie ahead. However, in reality the picture is far more complex, with a number of bullish and bearish outcomes depending on the policy decisions made.

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Tanker Market Report 01.11.24

Long View

The IEA has just updated its long-term view of oil markets. As usual, the agency presented different scenarios and cautioned that its outlook does not provide a forecast of what will happen; instead, it offers several scenarios that explore different possible futures, depending on certain assumptions at government, industry, and consumer level.

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Tanker Market Report 25.10.24

Made in America

American crude production has gone from strength to strength in recent years, despite a recent slowdown. After a low of 5 mbd in 2008 and worries about the dependency of the US on imports, the shale revolution massively increased production capabilities over the last decade. The EIA saw crude production at 13.5 mbd last week, a new record.

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Tanker Market Report 18.10.24

Orderbook vs Aging Fleet

Investment in new tankers today is not a simple decision, considering mounting environmental pressure, uncertainty about future vessel designs and concerns about the viability of global oil demand in the long term. Despite this, ordering activity surged last year to its highest level since 2015 and has continued at a robust pace this year.

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Tanker Market Report 11.10.24

eMissions Control

The shipping markets are no stranger to emissions control areas (ECAs), following the establishment of ECAs in the United States, Baltic and Northern Europe. From the 1st of May 2025, the entire Mediterranean Sea will become an ECA, with the maximum sulphur content of fuel burned on board falling from 0.5% to 0.1%, unless fitted with an exhaust gas cleaning system (scrubber) capable of reducing stack emissions to this level.

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Tanker Market Report 04.10.24

Chinese Stimulus

Chinese oil demand has been underwhelming this year. The IEA had to revise their full year forecast downwards, largely based on lacklustre figures coming out of China. It now sees Chinese oil demand growth at 180 kbd this year, and an additional 260 kbd in 2025 will bring the total to 17 mbd. The reasons cited were primarily the weak consumer spending on the back of ongoing housing crisis and low industrial activity, whilst the growing share of EVs in the Chinese car fleet and higher uptake of LNG trucks also played an important role. Recently crude imports into China rebounded, though according to Reuters 1.85 mbd went into stockpiles in August, indicating domestic demand and refinery throughput remained low.

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Tanker Market Report 27.09.24

Russian Effect

Monumental shifts in global tanker flows that followed the Russian invasion of Ukraine led to structural increases in crude and product tanker tonne miles back in 2022 and 2023, significantly impacting tanker rates and earnings. Whilst these changes in flows were essentially a one-off event, it appears that Russian trade can still impact the mainstream tanker market now, even if the vast majority of its flows have shifted into a grey fleet.

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Find a Broker

Whether it’s tankers, clean products or specialised cargo, find a trusted broker in navigating the seas of global trade, and get access to a connected team of seasoned shipping professionals, operational excellence and unmatched strategic guidance.

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Discover relevant industry news, insights & events

News 04.12.24

Dry Cargo

Dry Cargo in numbers

1590+

1b

Dry Cargo Team

Adelene Low

Bernard Zhang

Carl Palmer

Edward Calbom

James Stewart

Jercynda Neo

Jeremy Abbott

Nicholas Ward

Samuel Tay

Shengming Zhang

Stuart Mitchley

Propelling maritime trade through excellence in shipping services.

Discover more weekly reports

The Year in Review

Choppy Waters Ahead

Keep Rollin

Mexican Standoff

Persistent Weakness

The latest East-West divide

Too Close to Call?

Long View

Made in America

Orderbook vs Aging Fleet

eMissions Control

Chinese Stimulus

Russian Effect

Find a Broker

Discover relevant industry news, insights & events

Celebrating a decade of Gibson Houston

Ed Romer-Lee Appointed as Head of Crude / DPP, West

Wrapping Up Gibson’s 2024 Impact Challenge

Establishing Hope: Gibson’s New Initiative in Kawangware, Nairobi

Gibson appoints Thomas Woidemann as Head of Gas, Asia

Gibson appoints Gerrit Stricker as Head of LNG, hires Romain Grandbesancon

Team Gibson comes 3rd in the Baltic Exchange Sailing Event

A Successful Opening

Nigel Richardson retires as Managing Director

New member profile: Paratus Group

Gibson opens India office

Gibson appoints Roger Harrison as new Deputy Managing Director