Macroeconomic data from the Far East plus reports of ships changing hands at discounted prices have poured cold water over depressed dry bulk market, according to shipping analysts.

The 2012-built Kamsarmax Flora Island has been sold for US$18.4m. "The transaction points to further declines in dry bulk vessel values as the reported price is close to 20 percent below our latest estimates," said Erik Nikolai Stavsetth and Kurt Waldeland, shipping analysts at Arctic in Oslo.

The sale follows that of the 2011-built Kamsarmax A Max last week. "A Max was also sold at a solid discount to our estimated value. As there were some factors suggesting a discount for the A Max, we see the Flora Island as a better benchmark of where the market actually is. All the same, the dry bulk secondhand market remains depressed with values under pressure from freight markets at all-time lows," Stavsetth and Waldeland said.

Meanwhile, Eirik Haavaldsen and Oystein Dalby, shipping analysts at Pareto in Oslo said that share prices are reflecting a bleak drybulk scenario and that they see no light at the end of the tunnel. "This week we have seen further weak housing data from China, while January data from India shows that it was the first time this decade that we did not see a growth in electricity production month over month," said they.

"At the same time, Indian coal inventories are at relatively high level, and we do not expect the depressing market to improve in the near term," they added.