As the dry bulk market has continued to struggle with historically low rates this year the average age of capesize scrapping has fallen to 21 years according to Alphabulk.
It was never going to be much of a session given the Golden week holiday and so it proved. In fact with iron ore seeming to bump along the bottom and Brent Crude bouncing back, there was some enthusiasm on paper for what might, just turn into a Q4...
The wreck of the capesize bulker Smart, which ran aground and subsequently split into three in August 2013, in Richards Bay, South Africa has been successfully removed.
It is becoming increasingly difficult to forecast the dry bulk freight market. At this point, on the cusp of August, that would once have spelled a dead calm, there is still activity but direction seems harder to call.
