Shipping News - and a bit more - Bruce Krasting
I spoke with a fellow who owns vessels and happens to be be Greek.
Some of the business and social/economic threads of our conversation:
He discussed (with some obvious anger) a poor investment he had made
two years ago. He purchased a ship for $6Mn. This was a 28 year old
vessel (that still had some life) that fell into the (aptly named)
category of “Handy Sized” vessels. In the good
times (2000-2005), this ship might have gotten charters that earned
$15,000 a day versus fixed costs of $8-10K. At that rate the cost of the
vessel would be returned in about four years (includes down time and
deadheading). Not a bad deal.
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