China’s COSCO Dis-Assembles 8 Ships Amid Glut As Baltic Dry Hits Another Record Low
by Tyler Durden
ZeroHedge.com
02/16/2015
You know things are bad in the ship-building business when… amid considerably larger than expected losses, China’s COSCO announced that it has dis-assembled 8 vessels in January alone (including 3 bulk carriers) and will be decommissioning and disposing of them as it awaits a “more conducive” environment. It appears that is not coming anytime soon, as The Baltic Dry Index just hit 522 – a new all-time low (down a stunning 53 of the last 55 days).
The Rest…HERE