With overall 19 newbuilding capesize bulkers being ordered, March posted the monthly highest record to have contracted capesize bulkers over the last three years.
Global Hunter Securities said 19 capesize bulkers were newly ordered last month and "Many of these ships are set to have 'eco' characteristics that could allow them to generate expense advantages over many existing vessels, perhaps in the range of $4,000-$5,000 per vessel/day."
Despite fleet oversupply, shipowners actively invest in fuel-efficient newbuildings to save fuel costs. According to RS Platou, a total of 42 capesize bulkers have been ordered year-to-date, with additional 25 options waiting to be materialized.
Global Hunter expressed concern over active ordering trend and added "This is a development worth watching closely, as a dangerous combination of large worldwide shipyard capacity, lack of liquidity in the secondhand market, and new fuel efficient vessel designs is only really being offset by a persistent difficulty to obtain financing.”
Meanwhile, capesize bulker rates are currently at around $4,300 against $6,400 on average year-to-date.