The lingering tonnage glut that is troubling the global dry bulk shipping market may soon see a considerable deflation to match demand, in view of increasing trade flows coupled with upcoming IMO regulations that would accelerate scrapping of...
Bangkok-based Precious Shipping has continued to dispose of more elderly tonnages by sending one more to the scrapyard, following the sale of a pair earlier this week.
Precious Shipping warns that it dry bulk scrapping does not increase in the second half of the year owners could again be faced with the all time low rates seen in February.
Precious Shipping md Khalid Hashim is warning of a wave of bankruptcies in dry bulk shipping and as owners find themselves unable to raise additional cash and banks “pull the plug” on doubtful loans.