The dry bulk market had a great run from the fall of the last year until March this year when the BDI reached 1,338 points on 29 March. While freight rates still have been hovering at just above break-even levels, the improvement of the market has been impressive in relative terms; freight rates have quadrupled in the last year, admittedly from abysmally low levels.
Navios Maritime Partners has snapped up the fleet of 14 containerships owned by bankrupt Rickmers Maritime for $113m.
The dry bulk freight market has put an impressive performance of late; the Baltic Dry Index (BDI) has tripled since bottoming out in February. Now, dry bulkers are in cashflow positive territory, sufficient to cover daily operating expenses (OpEx) and, partially, the financial cost.
Safe Bulkers has sold two newbuildings to its chairman Polys Hajioannou for $46m to preserve liquidity.
Teekay’s Tanker Investment Ltd is switching its strategy from asset play and selling its vessels to a longer term operating one due to current low values for tankers.