Investment in dry continues, as speculators look to take advantage of the relative stability in values seen over the last 12 months or so. This adds credibility to current market prices and the view that we are now at the bottom of the market. With berth space now being absorbed for 2014 delivery, and in some cases 2015 delivery, available shipbuilding capacity is not as abundant as buyers would like. Consequently, we are starting to see prices edge upwards in certain sectors.
In tankers, products ordering remains resilient, and the MR and LR2 sectors of the market continue to demonstrate good levels of enquiry.
Overall, it has been a more active opening to the year compared to 2012. However, it remains to be seen whether this proves to be sustainable as business being concluded continues to be at challenging levels for shipyards.