Are we witnessing an Abyssal Market Plunge? Since our last report, the BDI kept dropping daily and has stopped today at 317 points, just few points shy of breaking the 300 barrier. Asset values are dropping on a daily basis, making it extremely hard to put a price tag on any bulker nowadays.Nevertheless, the historically low asset values continue to attract buying interest as we recorded a total of 9 transactions (3 capes, 1 kamsar, 2 supras, 1 handymax & 2 handies).
Mayhem at the Subcontinent markets, as the rates are declining every week while severalcash buyers fear that levels will touch $200 per lt (or even below) in the near future. We understandthat 13 capes and 20 panamaxes have been torched this January alone, while numerous deals are failing and are being renegotiated. Following last week's sale of caper JOHN OLDENDORFF 170K BLT 2001 SAMHO/S.KOREA LDT 22439, we are hearing that numerous other 2001 built capers are being pushed for demo. We picked up that a 7000 ldt handysize bulker (including 480t bunker r.o.b.) was fixed earlier in this week at $245 per LT and today she is being renegotiated to lower levels! China market is quiet as less & less candidates are available from local owners, while Turkey has softened further.
Lion Shipbrokers Market Report 29 January 2016
Are we witnessing an Abyssal Market Plunge? Since our last report, the BDI kept dropping daily and has stopped today at 317 points, just few points shy of breaking the 300 barrier.