So far in 2017, the dry bulk market has shown signs of improvement. Average bulker earnings are above the 2016 average of 6,218 USD/day and more in line with the 10,765USD/day average during the post financial downturn period of 2010-2016 . Asset prices have also increased since the end of 2016 with secondhand prices on average increasing by 30%. Robust Chinese dry bulk imports coupled with conservative fleet growth in 2017 have helped market fundamentals. Whilst the slowly growing optimism in the sector is gaining pace, there is still a substantial oversupply of ships and it is hard to expect a major upswing in the market. However, average earnings are still expected to outperform levels seen in the last two years and we are finally starting to see signals of an upturn.
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