In a conference call with investors chief executive Polys Hajioannou said shipyards are “in a very difficult situation” as a result of the market downturn and is confident that prices could fall by another 15% or even more by year-end.
Even if the freight market were to improve he believes the trend would continue until the banking sector follows suit so does not expect the US-listed bulker owner to consider new orders until next year or even later with potential deliveries in 2015 or 2016.
When
