Jinhui Shipping and Transportation (Jinhui Shipping) has terminated a deal to purchase a supramax bulk carrier from Greece’s Chartworld Shipping Corporation due to late delivery by the Greek shipowner.

Belships has inked a deal to acquire a secondhand 55,866-dwt supramax bulk carrier from Greece’s Prospero Marine at a price of $12m.

Capesize rates have continued to be depressed by lack of physical activities this week. However, the paper market for capesize index managed to turn positive for the first time on Monday since late February 2019.

Jinhui Shipping has inked an agreement to sell a 50,209-dwt supramax bulk carrier for $7.38m an investment holding firm with activities in ship brokering and ship management firm.

Hong Kong-listed Courage Investment Group is spending $10.88m to buy a secondhand supramax bulk carrier in a move to expand the scale of its shipowning business.

Jinhui Holdings is still paring its fleet as it sees continued uncertainty and market volatility, divesting a 2003-built 52,961 dwt supramax for $8.7m and making a net book gain of about HKD6m ($764,379) from the sale.

The freight market went relatively quiet for the week, ahead of the upcoming May holiday in China. There were no last-ditch fixtures seen just before holidays period and the strong Capesize rates might be the only deterrent for the Baltic Dry Index to slide under the 1,300 level and allowed the index to stabilise at a respectable level of 1,375 reading on Thursday, 26 April 2018.

The Baltic Exchange is dropping handysizes from its key dry bulk market index the BDI.

The capesize market took a hammering throughout the week as the lack of cargoes and tonnage oversupply problem persisted. The under-pressure capesize market pulled the Baltic Dry Index (BDI) to a five-month low at 1,139 points, down 25 points day-on-day at Thursday, 18 January 2018.

Capesize paper rates were pushed to a week-low on Wednesday despite a steady start but finally gave way to selling pressure. As such, January capesize paper saw numerous trades at $18,500 level before slipping to $16,875, down $2,200 day-on-day.

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