Dry Cargo

Cape sales withdrawn from the market

While the cape sector might have picked itself off the floor in terms of spot earnings this week, it remains in a troubled state with many ships fixing, failing and being resold at lower levels while scrap yards have had an above average feast of vintage capes this month.

Aside from Diana Shipping’s belated sale of the its 18-year-old cape, Norfolk, yesterday there have been no other confirmed cape sales to report this week.

Sources tell Splash today that Miyazaki Sangyo Kaiun has decided to withdraw its 12-year-old, Namura-built cape Lowlands Erica. Other Chinese-built capes have also been withdrawn this week.

Allied Shipbroking’s indicative dry bulker values show that the average prices for five-year-old 180,000 dwt capesize bulkers and 10-year-old 170,000 dwt capesize bulkers have dropped by 3.4% and 4.3% over the part month.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
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