Bulk cargo market in the doldrums, the owner will be helpless to run the ship mortgage debt, while the unclaimed abandoned ship "unmanned ship" has become a hot auction market.

In recent years, the market continued to face extreme downturn in the market downturn. Over the past 5 years, a large number of new ship orders began to be delivered, as well as global prices of oil and commodities fell multiple factors, the owners have gradually withdraw from the bulk shipping market. Many are unexpected, in the innovation of low oil prices after the commodity prices also decline, which makes the owner in debt and related with the existing ship dry dock charges and receiving the new boat dilemma. Therefore, there are many old ships still in the market waiting for repair, and more unclaimed abandoned ship "unmanned boat is in the waiting state changed.

For a long time, the bank has been calling for the owner to choose loans offered by banks and tend to restructure its payment regulations, this situation shows that most banks unintentionally mislead the owner, to choose Panama bulk cargo and small bulk carriers extend financing, rather than face the bad assets or recovery ship. Unfortunately, these decisions have only delayed the inevitable weakness in the bulk shipping market, and the market has slipped further in the bulk carrier market when debt maturity or mortgage debt obligations are due. In the past 6 months, Asset Clear, an African auction house that focuses on merchant ships and mining assets, has disposed of 4 such ships, ranging in size from 7000-80000.

Relevant sources said that despite the market downturn, but the ship's auction transactions remain strong. Recently, the owners from Greece, Cyprus, Libya, Abu Dhabi, Britain, West Africa and Singapore are in order to get the ship and fierce auction. Recent auction of 2 ships, 80000 tons of the total tons of "K Sadan" and "K Zeyenp" round are at a price of more than $1 million per ship completed auction. Another 8400 tons of "Giuliana" round of the auction price of $1 million 650 thousand, compared to $250 thousand starting price.