VLCC second-hand values have lost the most value in a year latest figures from The Baltic Exchange show.
Second hand VLCCs saw their values fall the most in the past twelve monthsThe price for a five-year-old double-hull VLCC has fallen by over 35% in the past twelve months to $55.85m.
Capesize bulkers came a close second with a year-on-year decline in values of just over 30% to $36.1m, according to the latest Baltic Sale & Purchase Assessment.
The decline in values for capesizes could have been much worse, but for strong levels of iron ore and coal imports into China in the past few months.
The uplift in freight rates prompted an increasing number of owners to postpone sending their capesizes to the breakers.
The number of large bulkers sold for demolition last year reached seventy-two after earlier estimates suggested it might breach the 100 ship market.
But this all looks set to change with Chinese Lunar New Year holidays approaching; it is more likely that the capesize market will not see the same levels of support, says ICAP Shipping.
Capesize rates have already fallen around 13% in the past week to just above $15,000 per day, as fixture activity remains light, Dahlman Rose analyst Omar Nokta said Monday.
Just eight capesize vessels have been fixed for spot loadings in Australia and Brazil in the past week, compared to a weekly average of seventeen 17 fixtures in the second half of 2011.
“Total worldwide capesize fixtures were also well below averages, with 11 vessels fixed for spot loadings compared to an average of 25,” Nokta said.
Secondhand prices for a similar aged panamax bulker did little better down over 29% year-on-year to $26.2m, the Baltic says.
In the dry bulk space five-year-old supramaxes saw the smallest decline in values over the past year. They were down nearly 18% to a shade under $25m.
Aframax tankers have seen values shrink by 18% over the past year, with a five-year old unit now costing around $32.6m.
The one bright spot has been the MR product tanker segment where values have actually risen by 1.2% to $25.5m, Baltic figures show.