Bulkers:
One more quiet week in the second hand market as Japan was holidays due to their Golden Week. We recorded a total of 7 transactions (1 cape, 1 panamax, 3 supramaxes & 2 handymaxes). We expect asset values to soften even further as the BDI seems incapable to break the 600 points barrier for one more week. Market psychology remains negative and buying interest is either speculative (usually by big players who are positioning themselves) or "wishful thinking" by newcomers who were attracted by the "bargains" out there especially Chinese built tonnage.
Demolition:
Subcontinent market continues to deteriorate. Bulkers of all sizes are now facing levels below $390 per lt while tankers are still getting rates in excess of $400 per lt. We have recorded the impressive number of 9 capes and 2 panamaxes going for scrap this week.
One more quiet week in the second hand market as Japan was holidays due to their Golden Week. We recorded a total of 7 transactions (1 cape, 1 panamax, 3 supramaxes & 2 handymaxes). We expect asset values to soften even further as the BDI seems incapable to break the 600 points barrier for one more week. Market psychology remains negative and buying interest is either speculative (usually by big players who are positioning themselves) or "wishful thinking" by newcomers who were attracted by the "bargains" out there especially Chinese built tonnage.
Demolition:
Subcontinent market continues to deteriorate. Bulkers of all sizes are now facing levels below $390 per lt while tankers are still getting rates in excess of $400 per lt. We have recorded the impressive number of 9 capes and 2 panamaxes going for scrap this week.
CLICK ON THE LINK BELOW TO READ THE FULL REPORT IN PDF FORMAT:
http://www.seanews.com.tr/reports/lion_08_may_2015.pdf