Maritime Strategies International (MSI) dry bulk senior analyst Will Fray sees a modest recovery in dry bulk newbuildings but cautions the Chinese could also soon join the ordering bandwagon.
“I have no doubt the increase in asset values this year has made newbuildings more attractive,” he said.
But as important has been the decline for some time of newbuilding prices.
“MSI assesses the current 0-year-old resale value of a capesize bulker at $37m, compared with $35m this time last year - up 6% year on year; however, our assessment for a capesize newbuilding contract price is currently $41m, compared with just over $45m this time last year - down 9% year on year.
“The
