March ended with BDI closing today at 1,520 points, up by 65 points (4.1%) decrease from the end of previous week, while at similar week in 2010 the BDI closed at 2,991 points. Capesizes are currently earning $ 10,554/day, a decrease of $164 (1.53%) from a week ago. Panamax rates are averaging $ 15,463/day, a decrease of $ 1,230 (7.4%). Supramax rates are averaging $15,795/day, an decrease of $967 (5.8%). Handysize rates are averaging $11,774/day, an increase of $70(0.6%).
In terms of S&P activity, the week ended with 27 sales reported in the secondhand and demolition market posting a 42.5% negative w-o-w change with buying sentiment being centered again both on bulkcarriers and tankers. The highest activity has been recorded in the secondhand market, while the newbuilding market these last two weeks remains on low levels.
In the secondhand market, 20 vessels reported to have changed hands this week equalling a total amount of money invested in the region of US$ 280,95 million, however six of the reported deals were at undisclosed prices. In terms of reported number of transactions, the S&P activity has been marked with a 20% negative w-o-w change, while is down by 37.5% comparable with previous year’s weekly S&P activity when 32 vessels induced buyers’ interest with bulk carriers again grasping 31.25% share of the total volume of S&P activity. In terms of invested capital, the tanker sector continues to appears to be the most overweight representing almost 80% of the total invested capital this week.
In the newbuilding market, this week ended on similar levels with last week. In total 11 orders were reported, equaling a total invested capital of more than $ 268 million, with 6 of the reported transactions being concluded at undisclosed prices.
In the demolition market, it was a quiet week with just 7 vessels reported to have been headed to the scrap yards of total deadweight 261,467 tons. In terms of reported number of transactions, the Demolition activity has been marked with a 68 % negative w-o-w change, while in terms of deadweight the weekly negative change was around 40%. In terms of scrap rates, the highest scrap rate has been achieved this week by India for a general cargo vessel that seems to obtained $ 483/ldt, with Bangladesh being again out of the market since the situation still remains uncertain.
The Greek presence this week was noticeable both in the secondhand and the newbuilding sector. In the secondhand market 2 transactions appeared in the frontline, one in the Capesize sector and one in the VLCC sector, both from well-known players of the industry, while in the newbuilding sector the investments were centred in the bulkcarrier, gas tanker and once again container sector. The total invested capital remains unknown since no prices have been revealed for the majority of the transactions.