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Shipping Has 'Trouble Building Behind Dam,' Ex-Baltic Head Says

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There's never been a better time to buy ships. Bloomberg reports that prices are plunging "because banks have not yet dealt with the weaker loans they made to the industry, according to Michael Drayton, a former chairman of the Baltic Exchange. The cost of a second-hand capesize used to haul iron ore plunged 66 percent to $53 million since July 2008. The cost of a second-hand supertanker slumped 52 percent to $77 million, according to data from the London-based bourse."
SOURCE:   Bloomberg