Operator: Hello, and welcome to the Diana Shipping Inc. First Quarter 2024 Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded.
Operator: Greetings. Welcome to Diana Shipping Inc. Third Quarter 2023 Conference Call and Webcast. [Operator Instructions]. Please note this conference is being recorded.
Tanker Acquisitions Gain Traction Despite Lackluster Market
A less than appealing tanker market hasn’t been enough to deter ship owners, keen to acquire modern wet tonnage, in expectation of a surge in demand and rates alike during the second half of 2021 and onwards to 2022. In its latest weekly report, shipbroker Intermodal said that “for an extended period, Dry bulk & Wet market rates have been diverging, with the SnP deals on each sector more or less tracking the market trend. However, since April, this trend appears to be revoked; despite a lackluster tanker freight market, tanker SnP transactions gained pace tracking the bulkers volumes. It is interesting to note, that older tankers units attracted the majority of SnP interest, contrary to bulkers, where the majority of transactions took place for 10Y old units and younger. Record high steel prices are supporting asset values across the board, despite the tanker market underperforming, with owners positioning for a market