the ATLANTIC DRY bulk fleet market remains very weak as the Baltic Dry Index settled at 579 points yesterday, its lowest for over 21 years. One shipping broker with 35 years' experience under his belt said the market is the worst he's ever seen. Rates are below the cost of operating the ships for a lot of routes. Ship owners are existing on the good will of the banks, which are facing billions of dollars in write-offs if they go under. Even if a shipping company goes out of business, the ship will not go down with it, and will continue to work. But its operating costs will have a lower base, as creditors look to claw back money, which means lower rates.
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