Geneva Star kamsarmax sold for bright sum

After months of grey commentary by shipping analysts across the globe, several broking houses now report increased activity and for the first time in months firming prices across most segments in dry cargo.

Several brokers report the sale of the eight-year-old Japanese controlled kamsarmax 
Geneva Star. Chinese interests are reported paying a very firm $26.9m for the ship.

The deal is a jump up from the recent sales of other similar-sized bulkers that are just a few years older which went for just over $20m.

“Dry bulk rates are improving seasonally, primarily the mid-size vessel segments due to strong grains activity in the Atlantic Basin. Healthy volumes out of the US Gulf peak season and out of South America are driving Kamsarmax and Ultramax rates to revisit their highs for the year,” a recent dry bulk report from Jefferies noted. 

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