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2011 to remain 'depressed market': Souri

Istanbul: 2011 will remain a "depressed market" for both bulkers and tankers, admitted Mohammad Souri, boss of the one of the world's largest tanker firms, NITC. Speaking at the Turkish Shipping Summit in Istanbul, Souri was adamant, however, that there were opportunities to be had. He pointed to ship prices in China where a VLCC newbuild that cost $150m just over two years ago are now down to just $95m. Such prices are a bargain, he said, and if ordered today will come out of the yards as the market picks up. "The recession cannot be very long," said Souri.  [10/11/10]

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