Chinese shipyards are rushing to re-sell newbuildings of which the original contracts have been canceled and the deliveries are impending.
Clarkson Hellas said that Chinese yards struggle to manage newbuilding resales of its increasing volume of prompt new tonnage.
Jiangsu Rongsheng Heavy Industries has currently committed to resale of its cancelled one capesize bulker, while Jinhai Heavy Industry is known to already have traded off or being in progress for its seven capesizes and two kamsarmaxes, at most.
The bulker newbuildings are under construction and set for delivery within months.
As Chinese shipyards are hurrying to promote newbuilding resales of drawing near to delivery, this is dampening values down to levels that seem to entice interest from cash rich shipowners.