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Bimco: Capesize market almost can't get worse

If struggling STX Pan Ocean starts to cancel its contracts for major dry bulk ships, owners such as Lauritzen, Navios and others will have to find new employment for the ships in a market where rates are hitting rock bottom.

Owners of major dry bulk ships could be in for a nasty surprise if struggling STX Pan Ocean starts to cancel contracts and returning its chartered capesize vessels to their owners, sending the owners out to find new employment for the ships. Capesize rates are still resulting in losses, though there's been a small improvement recently.

In its most recent estimate for capesize, the international maritime organization Bimco predicts that 2013 will be better than 2012, which finished at USD 7,680 a day. The rate for these ships is currently at USD 5,494 a day.

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