Easy and quite convenient to put our shipping market current poor situation on the shoulders of the chinese enjoying their golden week off. But what if China being finally not really responsible for this ? and what if info we got from Chinese authorities are not really realiable ? Quite often experts putting question marks on chinese growth, chinese commodity stock and so on. Some experts also stating one third of the chinese newbuildings order book being ghost orders. See here ghost
If true, somehow this is kind of good news as these ships will never hit the market. BUT this is also spoiling all information available on the shipping market on the medium long run.
Also if you’re wondering why Giuseppe Bottiglieri went burst ? From 2007 to 2008 they bought 11 drybulk ships being worth in total $545m… these ships are now worth $140m. And no need to be a genius neither to assess in between 2008 and 2017 they probably struggled to pay the debt to their lenders out of the rates they got on the chartering market. Afraid this may apply to quite a lot of other owners. And back to the report sent to you earlier (30 jan precisely), some believe it’s a perfect timing to invest into shipping, See Eagle Bulk managing to collect $180m, some other may wonder if it’s worth it. Today’s chartering market is not bright, just have a look at index since the beginning of the week.
Finally as BMTI is mentionning, should authorities willing to make european’s owners life even bit more difficult, they would not do things differently when it comes to scrapping ships. I’m still wondering why not sending these ships to scrap and being dismantled in the chinese yard ? they seems to be lacking work out there…
Have a nice evening