With a growth of 6.5% in vessel numbers and 10.26% in carrying capacity Greek shipping continued to power forward in 2016, an impressive feat, given the challenging market conditions limited cash flows and restricted bank lending.

Diana Shipping has negotiated a price reduction on two bulker newbuildings being built in China.

Rickmers Shipmanagement has won a new client in the shape of Samudera Indonesia for a pair of bulk carriers.

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.

Jinhui Shipping continues to divest assets, with the latest being the sale of a 61,414 dwt  Hong Kong-flagged supramax pair to a shipping fund for a total of $28.5m.

Chinese bulker owner Jinhui Holdings continues to sell ships, divesting two relatively new supramaxes for $28.5m in total.

Euroseas has cancelled a second ultramax at Dayang Shipbuilding in China and is now headed into arbitration with the shipyard.

Greek shipowners say it is a good time to invest in dry bulk tonnage given 30-year low prices, assuming owners have the money and do not invest in newbuildings.

While the global economy is expected to gradually stabilise, with the continuing oversupply situation and state support for northern Asian yards, haircuts will inevitably need to be made to rebalance the value of assets.

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