The Baltic Dry Index has been fluctuating around historically low levels and a more comprehensive economic recovery looks to be some way off. Despite this, and the fleet over tonnage problems that will persist, the newbuilding market appears to be firming as contracts for new vessels have been signed. Chinese shipyards have received orders for 184 vessels, with a cumulative gross tonnage of 3.41M, in the first four months of 2013,up 80% from 2012, according to Clarksons' report. The China Newbuilding Price Index (CNPI), a biweekly index reflecting trends in newbuilding prices, rebounded in January 2013 for the first time since its publication began. It shows the Chinese shipbuilding market continued to improve in the first half of May.
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