Since last report, the BDI kept plummeting and has fortunately stopped today at 354points. One more week of witnessing historical lows every day while the chartering market still facing dire straits. We have noted a total of 13 transactions (3 capes, 2 kamsar, 3 supras, 1 handymax, 3 handies & 1 singledecker).
Rates are softening further due to tonnage oversupply and little demand, as more andmore owners decide to bite the bullet and scrap their vessels. The forecast is negative as many suggest that demo rates will drop further to low $200 per lt levels. The first 2001 Japanese built panamax bulker going for scrap is a reality; DIAMOND 74K BLT 2001 NAMURA/JAPAN has been committed for $265 basis delivery as-is Hazira, India. Cape disposal continues at a quick rate, as we recorded 1 ore carrier and 7 capers going for their last voyage while 9 panamaxes will face the torch.
LION SHIPBROKERS MARKET REPORT WEEK 3 - 25 JANUARY 2016
Since last report, the BDI kept plummeting and has fortunately stopped today at 354points.