Today, researchers at DNB Marketspointed out that capesize resales are now fetching approximately $54m, which is$2m above levels brokers recorded last week and 35% higher than those seen atthe start of this year.
The Nordic investment bank’s shippinganalysts say five-year-old bulkers have watched prices climb $4m over the past sevendays and are now worth around $44m, while ten, 15 and 20-year-old units havejumped $1m to $30m, $18m and $10m, respectively.
“We argue an uplift in asset valuesreflect an increasing confidence in a continued recovery in the dry bulk space,”the researchers wrote in a daily market briefing that highlighted arally that has taken place over a relatively short period of time.
The analysts claim newbuildings nowcarry price tags of $53m, which reflects a weekly gain of $2m. Going forward, they believe capesizecontracts could hit a high of $63m by this time next year and expectsecond-hand tonnage to enjoy an increase of approximately 25% over the sameperiod of time.
According to theBaltic Exchange, capesize bulkers trading in the spot market are currentlycommanding day rates of around $18,700, which is 5.6% above yesterday’s average.Many believe levels were starting to bottom out and are starting to see supportfrom higher volumes.
You can read more articles about recent developments in the dry-bulk market and the fixtures that are driving the Baltic Dry Index (BDI) by clicking on the links located under the Related section to the right of this article
