Ahoy There!
The BDI lost about (-1%) today with the Capes being flat (yet positive) while the other 3 commercial fleets led by the Pmax (-2.78%) again lost in unison. I think this would have made the last 17 sessions of the Baltic have at least one thing in common. Bummer!
With our intention of reporting on good news when and where any can be found Ski skips to a recent Reuters story quoting BIMCO President Lorenz-Meyer “There are too many shipyards. For the next couple of years, a number of them won’t be able to survive on their own” and he went on to say “there will be consolidation”. Let us hope! The last we heard Lloyd’s Register lists over two thousand shipyards in China alone.
We do not propose the idea to our readers that China will any time soon recognize that they may be shooting themselves in the foot. What they may accomplish with the not too discreet goal of “Maritime Domination” in mind, could come at a severe cost to the very fleet they wish to operate. If they continue to over produce vessels, the values of the vessels themselves come under pressure, and yes, nobody makes much money. Catch 22
Anyhow, the thought that a bunch of these yards will fail sounds like “Good News” at this point.
Good Fortunes
Ski
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