The Baltic Exchange’s benchmark for secondhand capesize prices Monday fell to the lowest level in its history, the pricing of five-year old capesize having plummeted almost 80% against that from boom priod.
The average estimate of the value of a 172,000 dwt capesize bulker according to the Baltic Exchange, reached $33.1m, the first-ever drop from the first posting in May 2003, $33.4m.
Now, many analysts are predicting that freight rates will not go up substantially again until 2015, putting further downward pressure on asset values.