Prices for modern tonnage seem to be moving sideways as buyers face the almost impossible task of assessing what the future holds for the balance of supply and demand. Modern secondhand sales candidates continue to be in short supply often because, due to very high residual values, the owners simply cannot afford to sell. Together with the forbearance of banks, this constraint on supply has prevented a bloodbath. However, for cash-rich buyers, ordering newbuildings is proving irresistible when prices are relatively low and delivery positions are so favourable.
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