They’re too “sticky”.
Secondhand bulker prices, that is. And that is keeping New York-listed owner Genco Shipping & Trading away from the sale-and-purchase market for the time being, despite a stated goal of fleet growth.
Speaking on a quarterly earnings call this morning, Genco chief executive John Wobensmith became the latest prominent voice in the dry trade to acknowledge a disconnect between a trough market for rates and a relative buoyancy in secondhand prices.
