There is currently a “vacuum” of very large ore carrier (VLOC) deliveries which could see freight rates for this largest dry bulk category jump in the months ahead, new analysis from broker BRS suggests. Cargoes carried by VLOCs, which BRS defines as above 220,000 dwt, have been steadily rising by 2.2% in recent years, going from 281m in 2015 to 335m last year. During this period, newbuilding orders for VLOCs hit a high of 31 and 39 in 2016 and 2017, respectively, after which ordering collapsed. Today, the global VLOC orderbook stands at just 16 ships led by Winning Shipping for its Guinean bauxite project and Shandong Shipping for Brazilian iron ore shipments, with the earliest delivery slated for 2026, according to BRS analysis. BRS analysis suggests VLOC cargo volumes in 2024 will exceed last year’s total. “Since no additional vessels will hit the water by year-end, this suggests that freight rates should be supported for as long as demand holds up,” BRS forecast in a dry bulk market update. The vacuum of ordering has also led to ageing of the fleet. The average age of the VLOC fleet stood at 6.5 years in 2021, and is now 9.3 years. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); });