According to Global Hunter Securities (GHS)tonnage trading spot is fetching $14,100 per day, which represents a daily declineof nearly 5%.
In a client briefing the investment bankpointed out that capesize bulkers were commanding day rates of approximately $7,000on average 12 months prior.
“Spot rates have been stuck in apattern, unable to break away from the low-to-mid teens,” added equity analystOmar Nokta in the report.
“The iron ore trade remains a brightspot, which has continued to keep capesize rates above year-ago levels;however, the other segments are all below earnings of a year ago.”
The researcher noted that panamaxes,supramaxes and handysizes trading spot are seeing day rates of around $5,300,$8,000 and $6,900 on average, respectively.
Twelve months ago the same respectivesub-sectors of the drybulk segment reported daily earnings of $6,600, $9,400and $7,800 on average.
Several equity analysts and industryforecasters contacted by TradeWinds about the downward trend described it as “troubling”but said there may be a silver lining in the clouds for investors.
Lacklustre rates have taken a toll onUS-quoted bulker stocks in recent months but many are confident a rally willoccur in the second-half, which is why some are urging clients to takeadvantage of the decline by accumulating shares of certain “well capitalised” owners.
Earlier this week Noah Parquette, an equityanalyst at Canaacord Genuity, initiated research coverage of the dry-bulkmarket and stamped shares of Navios Maritime Holdings, Paragon Shipping,Safe Bulkers and Star Bulk Carriers with “buy” ratings.
