VesselsValue data suggests the value of a generic fixed age 15 year old Capesize Bulker has fallen 20% from 1st November 2018 to USD 12.2 million today. By contrast, other valuers are quoting figures or estimated ranges 15-30% higher.

Company Director Matthew Freeman says: “Whilst no sales have been concluded yet, there are a number of negotiations in the market and around 10 to 15 vintage units in circulation.”

Olivia Watkins, Head Cargo Analyst, points out: “No Capesize sales have been confirmed since the 19th December 2018, a break of 110 days which has never been seen in the market before. On the contrary, 13 Capesize vessels have been confirmed for demolition since January 2019, mostly with delivery to Bangladesh.”