The BDI index fluctuated above & below the 900 mark sending negative vibes to the s+p market thus we had a slow activity week with just 5 bulker sales
MARKET NEWS/ RUMOURS After a tragic opening game (3-0 defeat to “Los Cafeteros” of Colombia), the “Greek Pirate ship” (Piratiko) is still alive & kicking in Brazil’s World Cup after yesterday’s goalless draw to the “Samurai Blues” of Japan, and is having good chances to reach the Round of 16, by winning the last group stage game against the “Elephants” of Ivory Coast on Tuesday next week. This gives us something to long for as the dry market misery continues: Bulkers: The BDI index fluctuated above & below the 900 mark sending negative vibes to the s+p market thus we had a slow activity week with just 5 bulker sales (1 panamax, 2 handymaxes & 2 handies) changed hands this week; Chinese buyers have agreed to pay the firm price of $4.9 mill for older handymax SKYE (42K BLT 1991 OSHIMA/JAPAN CR 4X25T LDT 6351), which is about $1.8 mill in excess of current scrap value. Ten year old handysize BUMBI (29K BLT 2004 SHIKOKU/JAPAN CR 4X30T 3 GENIES GRAB FITTED) has been committed to Greek interests for $13.25 mill, in line with May’s deals of similar size handy CITRUS VENUS (28K BLT 2001 IMABARI/JAPAN CR 4X30T) for $11 mill and larger unit GREAT LEADER (33K BLT 2004 OSHIMA/JAPAN CR 4X30T) for $14.2 mill. Demolition: Subcontinent market has significantly softened due to monsoon season; Pakistan rates have declined due to the government imposed tax on scrap ships. China is stable, however overall economic situation is not encouraging for future improvement of demo rates. CLICK ON THE LINK BELOW TO READ THE FULL REPORT IN PDF FORMAT:http://www.seanews.com.tr/reports/lion_20_june_2014.pdf