The recent cape rally continued this week at levels well above 1500 mark, hopefully indicating that the
market is improving. Buyers' optimism is evident in the sale of German controlled cape CHRISMIR
(159K BLT 1997 HYUNDAI/S. KOREA). She was snapped for $13.5 mill by clients of N.G. Moundreas
of Greece within a week after she hit the market. Same buyers have also acquired slightly larger unit
CSK ENTERPRISE (168K BLT 1997 HALLA/S. KOREA) for $11.5 mill at the end of last month. Many
players believe that the cape market will improve further and are taking positions.In ships’ recycling, subcontinent rates have improved and the long term forecast is positive. China rates
have softened but remain at competitive levels. Turkish market has also softened, mainly due to
shipyards’ inspections by the state authorities following a fatal accident during dismantling of a cruise
ship last month in Alang.
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