Buyers benefit from weak dry market

摘要

As the northern autumn arrives, the dry market has shown only faltering signs of a sustained recovery. As a consequence, with a ready supply of realistic sellers, the prices of modern bulkers have continued a gradual weakening trend.While the weakening yen is expected to give Japanese shipowners an incentive to dispose of older ships, most of the sales reported this week have instead involved distressed funds baling out of assets to cut losses, or buying by other fund-backed major operators with a view to averaging down asset prices in time for a future upturn.In particular a number of modern Capesizes have changed hands, providing clear evidence of softening prices. But it also shows that there is no shortage of buyers ready to take a position, even when earnings remain relatively poor.