An review of losses across several leading bulk carriers, carried out by Alphabulk, shows that the bulk crisis struck the industry hard again last year. The research firm has also put a figure on total accumulated losses since 2010 – and it is big.
The last standard-sized Capesize vessel, more than 23 years old, has now been sold as scrap. But a young fleet and minor rate improvements mean that carriers' scrapping has reached a virtual standstill in the third quarter, reports Alphabulk.
The major bulk carriers listed in the US had a miserable first half of the year with a massive aggregate deficit, according to review by Alphabulk. The companies look set to lose over one billion US dollars in 2016.
Seven bulk carriers are booking their fleets at much higher prices than what the vessels can actually be sold for on the market, according to a review of their financial reports. Read here how many billions of dollars this gap comes to.
The global dry bulk fleet has skyrocketed with an annual growth rate of five percent since 1970. But today's market is split into far more vessel segments, which brings increased efficiency but comes at a high price, notes Alphabulk.