Cash-strapped commodities and shipping group Noble is selling four kamsarmax bulkers for $95m.
The futures market has constantly been re-adjusting since the beginning of this year and forward freight agreements (FFAs) have been underestimating the underlying strength of the dry bulk market.
This week, capesizes have displayed a solid performance, thanks to active fixing in the Asia-Pacific regions and firming freight derivative rates. The capesize rally has resulted the Baltic Dry Index (BDI) to rise by 17 points or 1.22% to 1,413 points on Wednesday.
The shipping market is heading for a long cold winter season ahead with seasonal lull of low construction activities in China. As such, the Baltic Dry Index (BDI) recorded 1,374 points on Wednesday, down 31 points day-on-day, and posted a loss of 71 points as compared to Monday’s reading at 1,445 points.
The United Nations Conference on Trade and Development (Unctad) has confirmed Greek shipowners remain the dominant force in the global industry, topping operators overall based on fleet capacity, while heading the wet and dry categories, and rising to third among containership fleets.
The dry bulk shipping arena’s upward trajectory is continuing and as earnings season for Q3 2017 results have continued onward, equity analysts were turning more positive.
Japan “big three” shipowner Mitsui OSK Lines (MOL) reported a half-year net profit of JPY13.1bn ($116.4m) down 18.3% from JPY16.1bn a year earlier.
Dry bulk shipowners are not helping their own cause by a failure to scrap vessels, which will lead to an “extremely volatile” market recovery warns Precious Shipping.