Bulkers:
The BDI has declined from 1137 points at the beginning of December to 863 today (a drop of 274 points in two weeks, about 24%), and the dry bulk future prospects look bleak, as we are (again) approaching dangerously to historical low levels (661 on 12th September 2012, 647 on 3rd February 2012 & 663 on 5th December 2008).
The chartering market remains “anemic”, and in combination with the Christmas & New Years holidays, we expect the following weeks to be very slow. Asset prices are softening further to very attractive levels; however the lack of finance is discouraging most of prospective investors.
We have recorded a total of 8 transactions this week (3 panamaxes, 2 supras, 2 handymaxes & 1 handy). Panamax prices seem to be under serious pressure, especially nineties built, as we are recording a new low benchmark every week; back in November OINOUSSIAN LION (71K BLT 1996 HITACHI /JAPAN ) was sold for $6.7 mill, then last week sisters CAPE & POLE (73K BLT 1997 SAMSUNG /S. KOREA ) were gone for $6.5 mill each, and today we picked up that ANNOULA (70K BLT 1997 SANOYAS /JAPAN ) has changed hands for $6 mill.
Demolition:
Subcontinent markets have softened to levels well below $450 per lt. Turkey is paying approximately $20 per lt more than China.
The BDI has declined from 1137 points at the beginning of December to 863 today (a drop of 274 points in two weeks, about 24%), and the dry bulk future prospects look bleak, as we are (again) approaching dangerously to historical low levels (661 on 12th September 2012, 647 on 3rd February 2012 & 663 on 5th December 2008).
The chartering market remains “anemic”, and in combination with the Christmas & New Years holidays, we expect the following weeks to be very slow. Asset prices are softening further to very attractive levels; however the lack of finance is discouraging most of prospective investors.
We have recorded a total of 8 transactions this week (3 panamaxes, 2 supras, 2 handymaxes & 1 handy). Panamax prices seem to be under serious pressure, especially nineties built, as we are recording a new low benchmark every week; back in November OINOUSSIAN LION (71K BLT 1996 HITACHI /JAPAN ) was sold for $6.7 mill, then last week sisters CAPE & POLE (73K BLT 1997 SAMSUNG /S. KOREA ) were gone for $6.5 mill each, and today we picked up that ANNOULA (70K BLT 1997 SANOYAS /JAPAN ) has changed hands for $6 mill.
Demolition:
Subcontinent markets have softened to levels well below $450 per lt. Turkey is paying approximately $20 per lt more than China.
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