Slowing demolition and reduced activity in China means shipowners will have to wait a little longer for a capesize market recovery, Banchero Costa says.
The brokerage counts 53 new bulkers above 120,000-dwt hitting the market in the first half of this year, compared with the 20 ships from the same size range heading to the brokers beaches.
At the same time 17 newbuildings of capesize or larger were added to the orderbook during a period when rates averaged $11,000 per day.
