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Some noteworthy developments this week (ending 7/10/20)
1. BDI dips this week
The Baltic Dry Index (BDI) took a dip this week, the first time in seven weeks

2. Valaris scrapped what??
Valaris is an offshore drilling company. The company is in bankruptcy court fighting for survival. Back in the April/May 2020 time-frame, the company indicating it was going to take impairment charges on some assets, and likely scrap those drilling assets. At the time, though the company had identified the assets, I obviously had not been paying close attention.
There were 6 or 7 "floater" assets, including 3 drillships (see how this connects now).
Page 7 Line items 2 - 4 (Valaris DS-6, Valaris DS-5, Valaris DS-3, delivered in 2012, 2011 & 2010 respectively)

What's the big deal?
Well, those drillships likely cost between $450M - $550M each (at that time), and 8 - 10 years later are being recycled for a tiny fraction of their price, maybe 1.5% !!!

3. Will he be walking?
The "he" in this case is Robert Macleod, CEO of tanker company Frontline (FRO).

To make a long story short, back in Feb 2020, China cancelled Chinese New Year celebrations, and the tanker market had a brief spell with VLCC rates below-$20K/day. But, then rates recovered. Macleod was a little annoyed with a particular journalist's negativity. So Macleod made a bet, and said he did not think rates would see the $20K/day level again in Q2 2020, or even Q3 2020. If Macleod lost the wager, he would walk 300 km (IIRC, it was Oslo-to-Stavanger,in Norway).

Well, tanker rates have been falling pretty quickly, and Q3 is upon us. TD-3 Rates (the typical VLCC benchmark route) were in the low-$20K/daily last week, but I don't know if rates hit the low mark. VLCC rates have recovered this week, but then again, Q3 2020 (usually, the slowest quarter in the tanker sector) just started.
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