Cement Energy Environment

94 On the supply side, the dry bulk fleet will expand by 2.1% in 2021 which is half of the growth rate of 4.2% registered in 2020. The fleet growth will further taper down to 1.5% and 1.4% in 2022 and 2023 due to softening new deliveries. A low growth in fleet expansion will mean that the supply of dry bulk vessels will expand slowly compared to demand for these vessels, eventually increasing the utilisation which would support the charter rates.