The industry needs no new capesize bulker order yet, industry insiders insist.
Capesize asset values have fallen so low because owners ordered too many during the boom years and again in 2010.
During Posidonia last month, a number of high-profile leaders from New York argued against ordering.
Data from Clarksons show that since 2009 China has become the dominant force in capesize bulker market, ordering almost twice the number of ships Greek owners did— 82 capesizes compared to Greece’s 45 contracts.
In the secondhand market, Chinese shipping companies have bought 38 capesizes over 100,000 dwt compared to 27 acquisitions by Greeks.