Dry bulk market tricked by Greek acquisitions

That Greek shipowners are buying a lot of bulk tonnage doesn't necessarily mean that the market has bottomed out, says Greek analysts Intermodal.

The dry bulk market is in trouble and tonnage prices have gone down significantly, which has made Greek shipowners pull out their wallets here almost halfway through the year.

"It seems the appetite, especially of Greek buyers, for modern dry tonnage is insatiable, with many of them willing to pay more than the last. Greeks have historically been quite succesful in the timing of their purchases - does this mean we reached the bottom and the only way from here on is up?" asks Intermodal in its latest analysis.

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