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Fearnley: Dry bulk asset values plummeting

The tough dry bulk market with rates under massive pressure has forced the value of dry bulk vessels down over the past year. Many carriers are converting dry bulk vessels into tankers, reports Fearnley.

Photo: Star Bulk

Dry bulk asset values have dropped significantly over the past year. Dry bulk carriers' vessels have lost more than 50 percent of their value, notes Fearnley in a new analysis of the market, which has forced numerous carriers to impair their book asset values.

"Rates and values have been under severe pressure over the last 12 months due to vessel overcapacity and a sudden halt in Chinese steel production due to slower construction and infrastructure growth," says Fearnley.

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