There have been times like this before, when dry bulk sentiment was strong and belief in the recovery was widespread. Prognosticators can be forgiven for their scepticism, because those hopes have been dashed so often in the past. The good news for 2018 is what happened - or rather, what did not happen - in the prior two years. In 2016-17, owners bought and sold vessels in the secondhand market and mostly steered clear of adding to net capacity with newbuildings. The easier it is for dry bulk players to place their bets in the secondhand sale and purchase (S&P) market, the less enticed they are by the siren call of the cheap Asian yards - and the positive effect on rates should play out this year and next.
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