A falling yuan and a slack domestic bulk market are being blamed for a slump in prices for vintage secondhand bulkers as Chinese buyers hold fire.
Brokers say that price expectations for secondhand bulkers built in 2001 or 2002 and eligible for import by Chinese domestic shipping players have fallen by about $300,000 in a month.
"We are still seeing Chinese buyers looking for vintage panamax tonnage for import into the Chinese flag, they are still inspecting, but the price has softened," one sale-and-purchase broker said.
