Handy size bulker values slide further

Sale and Purchase Shipbrokers are reporting this week that Hanjin Shipping has sold M/V Great Dream 33,000 DWT bulker  (built 2004) to Vietnamese interests for $4.8 m. Industry sources describe this as a new low for handysize values, with one noting that vessels of a similar size and age fetched higher prices even after the 2008 market collapse. Handysize prices have been in steady decline since January 2015, when M/V Great Dream would have been worth $13m. Hanjin Shipping acquired M/V Great Dream from Cido Shipping in 2011 for a report ed $22.1m. Market observers expect that values for handysizes will continue to decline, as there are few fundamentals that point to any improvement in earnings in the foreseeable future. Dry Bulk Shipping outlook is dire.