There was never a reason for these bastards to run higher in the first place, given that there are hordes of zombie dry bulkers littering the seas keeping day rates at artificially depressed levels. The only way this issue gets corrected, frankly, is for excess supply to be scrapped. Until then, enjoy your depressed day rates and floating bankruptcy vessels.
The sector looked good in the pre-market, but have since given it all up and more.
Day rates for capesizes are at a fraction of what they were back in 2007 and half of what they were in 2014.
At the forefront of this fuckery is DRYS, a company that saw its stock rise this morning after news that it agreed to terms with one of its lenders.
Like I said, clownery.
Content originally published at iBankCoin
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