Depressed market sentiment and the Lunar New Year holiday are stalling the sale of a Japan-built capesize bulker that has been on the market since early January, brokers say.

The 180,230-dwt Nord Steel (built 2007) entered the market on 2 January, but crashing spot rates have so far kept a lid on buyer interest, sale and purchase specialists say.

The Singapore-based seller, Singa Star, is said to be hoping for a price of over $22m but has not yet received any offers over $20m, brokers told TradeWinds on Monday.