Dry bulk ship owners unfazed by market’s downturn, keep newbuilding orders in focus

Even though the dry bulk market, in terms of earnings underwent one of the slowest year starts in history, with the industry’s benchmark, the Baltic Dry Index posting consecutive falls for weeks, up until February, ship owners kept on ordering new vessels, in a clear indication that they believe in the market’s long term prospects, while also can’t ignore today’s low values of vessels, which are acting as a lure for many. As a result, during January, a total of 148 vessels were ordered for a total capital consideration of $7.7 billion, according to a new analysis from shipbrokers Golden Destiny.
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Source: Hellenic Shipping News