It’s Now Cheaper To ‘Buy’ A Dry Bulk Freight Tanker Than A Starbucks Coffee

It’s Now Cheaper To ‘Buy’ A Dry Bulk Freight Tanker Than A Starbucks Coffee

With the Baltic Index at record lows due to a  slump in global trade,Goldenport, one of the last shipping companies left on the LSE, has now delisted from the market and sold off six of its remaining eight vessels for $1.

John Dragnis, the chief executive of Goldenport, said “Dry bulk vessels generally have fallen in value by around 60% over the last year partly because of extreme oversupply and partly because of low demand for coal as China moves towards renewable energy to curb [carbon] emissions,” adding that “The prevailing market conditions are probably the worst of the last 30 years.”

Zerohedge

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