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.
Thoresen Shipping Singapore has purchased an 11-year-old supramax bulk carrier at a price of $7.9m as part of the shipowner’s ongoing fleet renewal plan.
Navios Maritime Partners has announced a $31.05m acquisition deal for a secondhand South Korea-built capesize bulk carrier that comes attached with a charter contract until 2018.
Cosco Shipping Energy Transportation (CSET) has announced an intention to purchase a secondhand LPG carrier priced at RMB36.16m ($5.21m).
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.