A glance at the daily rate assessments from London today we are reminded of a report by Rob Perri of Axia dated Sep 16. The title and opening paragraph follow.
"Drybulk Shipping: Don’t believe the Hype, it’s a sequel - Getting closer but not there yet
Everything everyone predicted would happen was wrong… As we entered 2016, there were a few tightly held tenets about the drybulk market; China was slowing and that would have a negative impact on the market, India was growing rapidly and this would help the market, and increased scrapping would put a lid on the growth in the drybulk fleet. In every instance, the opposite happened (we told you predictions come here to die!)."
As we continue to witness the Cape recovery dissipate we feel all the more inclined to alert our readers to the precarious nature of shipping investments and the likelihood of prolonged recoveries in the dry bulk space. That said we look at the numbers.
Cape 5 T/C ~ $13,850
Cape 4 T/C ~ $13,075
BPI 4 T/C ~ $6,015
BSI T/C ~ $7,050
BHSI T/C ~ $6,115
Dry Bulk FFA:
The Capes began selling as the Asian bell opened trading. Panasister and Soup curves are pointing south as well.