Brokers note there are recently growing signs that the end of the dry bulk secondhand asset value freefall that began more than a year ago could be near.
Sanko Steamship was understood to have hived off its 2011-built, 74,962 dwt Sanko Frontier for a reported $29m to undisclosed interests. While shipbroker Gibson reports that Sanko was hoping to get $31m for its ship, the price does not compare very poorly to other recent deals, like the resale of the 98,000 dwt Ince Istanbul, due for delivery later this year, for $32m about a month ago.
Sanko might come to regret the timing of some of its sales, however, as brokers noted the dry bulk market was showing signs of an imminent turnaround.
“Market sentiment suggests that more buyers are being awakened by the recent new benchmarks and subsequently an increase in activity may not be far way, despite the dismal freight market,” shipbroker Gibson wrote in its weekly report.
Fellow broker Galbraith’s noted that buyer chatter was indicating “we may be reaching the bottom of the curve”.