Frangou told investors the worst bulker market in 30 years has led to both increased scrapping and a slowdown in newbuilding deliveries.
“Should the current market environment continue, we may also see lay-ups of vessels,” she said in the New York-listed owner’s fourth quarter report.
“These developments suggest the market is rationalizing and given the continued strong demand for the underlying commodities, we should expect a healthier market in the medium term."
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