Lion Shipbrokers market Report-week 06- 12 February 2016
Let the joyous news be spread; the index finally stopped its decline yesterday and today it even increased by a whole point!
Let the joyous news be spread; the index finally stopped its decline yesterday and today it even increased by a whole point! The BDI is standing today at 291, mainly pushed by the panamaxindex (BPI) improvement. Most of the Far East is back to work, while China is still on holiday mode until end of this week. Although the market was rather quiet, we recorded 6 transactions (2 capes, 1 kamsarmax, 1 panamax, 1 supramax & 1 handysize).
Prices continue to soften, especially in the larger sizes, as it is clearly indicated in the sale of Nisshin controlled panamax MEDI KOBE (75K BLT 2001 KANASASHI/JAPAN) for $2.7 mill, more half a mill less than last done.
Although the demo market is weak and the rates are sliding, it seems that 2016 will be a record scrapping year mainly due to "endless" supply of bulkers; We understand that already 21 capes and 39 panamaxes have been torched so far since the begging of this year.
China is still closed for holidays (no sales reported) while Turkey is dead quiet (no sales reported either).
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