Star Bulk chief executive Pappas says today's bulker market is amongst the challenging in 40 years but believes owners have been very proactive in their response to the weak environment.
Pappas notes 10 million dwt has been taken out of the market via scrapping and newbuildings conversions and cancellations, against the 16.2 million dwt demolished last year.
“Even more importantly reported new dry bulk orders for 2015 year-to-date currently stand at around 600,000 dwt,” he said on the owner’s fourth quarter conference call.
