Like a weary boxer, the Capesize freight market crumbled just before the knockout blow of escalating US - China tension.
US-listed shipowner Star Bulk Carriers is continuing to expand its fleet with the acquisition of up to seven vessels from ER Capital Holdings.
The Baltic Dry Index (BDI) was off to a good start this week as the index pushed toward the 1,740 readings, thanks to the positive market sentiments from the higher freight derivative markets.
The Baltic Dry Index (BDI) started last week on a firmer footing despite the trade tensions between US, China and Turkey that waned investors’ confidence.
Newbuilding orders across most shipping markets have started to drop off after a whopping $10bn was committed in the first quarter of 2018, but the prevailing trends suggest little has changed from the boom and bust cyclical mentality of ship owners aided and abetted by the prevailing attitude of financiers, according to VesselsValue.