Around 100 veteran capesizes need to be packed off to the breakers to balance the oversupplied market, a leading analyst says.
Magnus Fyhr of Seaport Global counts 114 capes above 20 years old and a further 95 between 15 and 19 years of age still on the water today.
“We believe at least half of these vessels need to be scrapped over the next two years to balance the capesize market,” he wrote as he initiated coverage of five dry cargo stocks.
Fyhr
