Analyst Omar Nokta notes a five-year-old capesize is now priced at $31m, against a 2014 peak of $53m.
In a report, Nokta argued with one-year capesize rates now at $13,000 per day owners have reached a position of economic breakeven assuming 50% debt on a ship.
“Several capes have been fixed recently at or above the $13,000 per day level, which we see as providing an opportunity for shipowners with liquidity to acquire assets on the cheap and face a scenario of economic breakeven ahead of a more sustained recovery (we project occurring in 2017)," Nokta said.
“As such we expect values to show some stability and likely improve as we approach 2016.”
Brokers note there are signs of price improvements in the sale and purchase market for smaller bulk carriers.
Greek owner Chandris is reported to have bought the 82,000-dwt Asita Sun (built 2012) at $20.5m.
A month ago the 82,000-dwt Miraero Brave (built 2012) was sold to a Greek owner for $18.3m.
Dry cargo rates have been rising steadily, led by capes, over the past couple of weeks, breaking through the 1,000 points barrier for the first time in 2015 on Thursday.
