The dry bulk market is firm with vintage capesizes playing a vital role, reports Splash247.
Capesize TCE earnings rallied by 10% last week, breaking above the $20,000 a day mark to the highest level in the year-to-date analysts at the bank HSBC suggesting trecovering coal exports from Australia to China supporting earnings.
Vintage capes in demand
Jiangsu Steamship, a Chinese outfit that has put all its money into growing its cape arm in recent years, is now linked to its fifth reported cape purchase in three years.
Several broker outfits tie the company to a 2004-built vintage cape sold by Malaysia’s Prima Shipmanagement, the Japanese-built Tasik Melati – a ship that was let go for around $16m.
Vintage capes are selling fast at the moment as the Baltic Exchange’s Capesize 5TC set of spot rate averages across five key routes is around $19,000 per day. This month, the oldest reported vintage sale in the segment is the 21-year-old 178,000-dwt Zheng Yuan, a Mitsui-built ship noted sold by Fujian Ocean Shipping for $ 13m to another Chinese buyer.
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