Clarkson, S
Hot Keywords
2012-11-06 10:32:41

S & P

It has been an extremely busy week in the dry sale and purchase market with a number of notable sales to report. We understand that HHI have now sold 7 x 84,000 dwt “kamsarmax” (note 235m LOA) resales originally contracted by clients of TMT. The first group of 4 ships (Hulls S543, S544, S545,

S546 completed November 2011 to January 2012) have reportedly been sold to a Greek interest for a price in the region of $24m each. Whilst the second group of 3 ships (Hulls S547, S548, S549 completed July 2012 to November 2012) have been sold to far eastern buyer for $25m each. The higher price for the second group reflects the inclusion of bow/stern thrusters on the ships and the fact that they are of more recent construction.

In the Capesize segment the newly delivered M/V SPICE (176,000 dwt 2012 blt Jinhai) is reported to have been purchased by Chinese buyers for US$ 33.5m.

In the supramax sector the Japanese controlled M/V MIMOSA (53,556 dwt 2007 blt Iwagi) has been committed to clients of Thoresen Thai for US$ 17.1m while the M/V NANOS (50,236 dwt 2002 blt Mitsui) is sold to clients of Gurita Lines, Jakarta for US$ 14m with a prompt charterfree delivery. On handies, the Japanese controlled M/V ETERNAL CONFIDENCE (29,905 dwt 2002 blt Shikoku) has been sold to Turkish buyers for US$ 10.7m basis a charterfree delivery in China within December 2012.

In the Tanker S+P market; BW Maritime have offloaded 2 Japanese built units. Understand “BW UBUD” (299,990 dwt 2000 blt IHI) and “URAL” (299,990 dwt 2000 blt IHI) have been sold to Greek buyers at the reported purchase price of US$ 29.1 m each.

 

NEWBUILDING

As we move into the final months of the year, the Newbuilding market continues to see a relatively steady level of activity. Enquiries continue across a variety of sectors, with Dry Bulk and Containers in particular continuing to generate interest. Despite this, ordering this week has not been focused in these sectors, with the highlight of the week being another VLCC Tanker order being placed in China, only the second order of its kind this year.

The past few weeks have seen a number of earning announcements being released by the Shipyards and these give an interesting insight into the state of the market. Given the pattern of ordering over the past few 18 months and its shift away from the conventional sectors, the results are perhaps not too surprising. In Korea, yards such as Samsung have announced a healthy increase in earnings and revenue, which has been supported by the success of their offshore and LNG product mix. In contrast,

results from the publicly listed groups in China and some of those in Japan have been less positive,

with revenues showing a decline. With the historical focus of these yards being on the Dry Bulk and other conventional markets, this really does highlight the challenging environment faced by these yards in the current climate.

To contest this, the shipyards have worked hard on their offerings over the past 18 months, not only in the form of new efficient designs, which with the recent Scorpio announcement over the positive performance of their new MR newbuildings is certainly looking like a positive step, but also in broadening their product ranges to help mitigate against specific sector demand fluctuations. With the market likely to remain challenging in the short term, it will interesting to see how successful these measures will be.

In terms of the weeks reported business; In Tankers, Dalian Ocean Shipping Company (COSCO Dalian) are reported to have placed an order with GSI (to be constructed at the Guangzhou Longxue) for 3 firm VLCC Tankers of approx 300,000dwt, with options for a further 2 units. These vessels will deliver from 2015 onwards, specific pricing has not been disclosed, but as brokers believe pricing lies in the mid USD 80s Mill. In Dry, Fednav are reported to have placed an order at Universal Shipbuilding for 1 x 25,000dwt handysized ice breaking bulker. The Polar Class 4 vessel will be built at Universal’s Tsu shipyard with the reported delivery scheduled for End 2013. No pricing hasbeen disclosed for this bespoke vessel.

2012-10-23 09:14:50

S & P

Most of the sales reported this week in the Dry S+P market are concerned older units. In the Panamaxes the M/V SPIRIT OF RIO (72,578 dwt 1987 blt Mitsui) has be sold for US$ 4m to Chinese buyers which represents a price slightly excess Chinese demolition levels.

In the Handymax sector, understand that the M/V ROGUE (42,223 dwt 1991 blt Oshima) is sold for region US$ 5.9m while in the Handysizes the M/V TASMAN ID (22,050 dwt 1994 blt Saiki) has been sold to Chinese buyers for US$ 4.8m. The M/V APACHE MAIDEN (23,325 dwt 1987 blt Kurushima) obtained US$ 2.5m. Syrian buyers are understood to have purchased the M/V PAN DYNAMIC (26,717 dwt 1985 blt Shin Kurushima) for US$ 2.7m while the one year younger and with much better SS/DD position M/V TALA (26,849 dwt 1986 blt Usuki) is sold at US$ 3.6m to undisclosed buyers.

In contrast to the dry sector, it has been an active week in the Tanker Sale and Purchase market with a number of recent inspections now resulting in sales.

The reported sale of the M/T TOKACHI (280,973 dwt 1999 blt IHI) continues the steady flow of 'pre2000' built tonnage sold this year. The ship has changed hands from c/o NYK in Japan to c/o Nathalin in Thailand at US$ 27m. Nathalin have been among the more active buyers over the last 18 months targeting both the VLCC and Aframax sectors. A further VLCC is reported sold to Russian buyers, the M/T KENSINGTON (298,437 dwt 1995 blt Daewoo), at a price of US$ 24.5m.

The Daiichi managed aframax M/T KINKO MARU (105,433 dwt 2003 blt Namura) has been sold to clients of Bakri Navigation at region US$ 16.8m. D’Alesio’s IMO III, M/T ANTIGNANO (40,113 dwt 2002 blt Hyundai) reported sold for US$ 14.15m to Italian buyers.

The non IMO III, M/T FREJA OCEAN (47,045 dwt 2002 blt Onomichi) has been sold at US$ 12.85m to UAE based Buyers. This price again surpassed expectations with the market expecting a lower price reflecting recently concluded sales on similar tonnage as well as a vessel where surveys were due imminently.

The M/T MAX SCHULTE (34,999 dwt 1999 blt Guangzhou) has been sold to Greek buyers for US$ 8.6m.

Of older tonnage, the M/T GENMAR AJAX (96,183 dwt 1996 blt Samsung) has been sold for US$ 7.5m to South East Asian clients. The price represents about a US$ 1 million premium to the demolition market.

 

NEWBUILDING

With shipyards in the major exporting regions all reporting and exhibiting significant year on year drops in new contracting activity, there is no doubt that the market continues to remain challenging,

particularly for the larger and more conventionally orientated facilities. With conventional demand so far being focused primarily on the midsized segments of the market, those yards geared up for the larger spectrum of asset class have found 2012 a struggle. Fundamentally, aside from the depressed nature of the shipping markets, it has been the volatility and constraints of the macro financial environment that have been a real and key inhibitor for shipbuilding and particularly investment into the capital intensive asset segments of the market.

For the moment, the market therefore remains largely price orientated, with the key drivers behind investment decisions being seemingly focused on a long term play on depressed asset values. It remains to be seen as to when Owners will have enough confidence in the larger segments of the market, to commit investment against the same motivation and with shipyards under continuing pressure, it is very much a game of wait and see as to when values become enticing enough again and more importantly whether the macro environment will exhibit enough stability to allow for this to translate into actual contracting activity.

In terms of reported business: In dry, it has now finally been reported that Clients of Norse

Management (UK) Ltd have ordered two option two 82,000 dwt Kamsarmaxes at China’s SWS. It is understood the contracts were actually penned back in June, the pricing is circa USD 27.5 Mill and the delivery for the firm Vessels will be from July 2014. Zhejiang Yangfan have won some further business this week, however this time four option two 39k dwt Handysizes for Clients of Unishipping, the Netherlands. We understand these Vessels will deliver from October 2014 and costing the Owner around USD 23 Mill per Vessel.

The Car Carrier market has again seen further orders with Clients of NYK placing two Mitsubishi designed 7,000 CEU Vessels at both Shin Kurushima and Imabari. Both Yards are set to deliver one Vessel in 2014 and the second in the first half of 2015. We are unaware thus far of the pricing of the deal. In Cruise, Clients of Norwegian Cruise Line have placed a one option one order for a 4,200 berth, 163,000 GT Cruise Vessel at Germany’s Meyer Werft Shipyard in a deal reported to be worth some EUR 700 Mill per Vessel.

2012-10-16 09:16:54

S & P

The focus this week has been very much on the panamax sector, particularly the rumoured

negotiations and sales of post 2000 built tonnage. With a number of ships being withdrawn recently,

both Buyers and Sellers’ priority is trying to establish a benchmark for the values.

The M/V EMERALD STREAM (76,868 dwt 2003 blt Oshima) is reported sold to Greek interests having achieved a firm price of US$ 14.25m. The supramax M/V VEGA PIONEER (52,466 dwt 2002 blt Sanoyas) reported sold to Oldendorff for US$ 14.5m while an older handymax, M/V VOSHOD 2 (47,639 dwt 1995 blt Oshima) was sold within Turkey for US$ 7.2m.

The Tanker S+P market, this week, has seen an upswing in activity centred on the products sector; the M/T RIO LUXEMBOURG and M/T RIO LILLEHAMMER (75,338 dwt 2011 blt Hyundai) is sold to Greek buyers at a price of US$ 28.8m each. Clients of Uljanik Plovidba have sold the M/T PULA (46,941 dwt 2006 blt 3 Maj) to clients of Borealis Maritime for US$ 21m with 5 years bb back at $8500 pd. Nisshin Shipping have now sold to other Japanese interests the IMO II MR product carrier M/T WILDEBEEST (39,999 dwt 2009 blt SLS) for US$ 21m while the M/T NORDAMERIKA (35,775 dwt 2000 blt Daedong) to UAE interests at region US$ 12.5m.

 

NEWBUILDING

With Gastech taking place this week, all of the major Yards from Korea and Japan have had their senior representatives in London to not only have discussions with their existing customers about current and future projects, but also looking to discuss new business with others. Unlike last year in Holland where we saw a number of contracts being finalised, this week we have only so far seen one signing ceremony, for that of a singular 170k cbm FSRU at HHI for Clients of Hoegh LNG at a reported USD 270 Mill to take their current series of such sister vessels to four.

In the more conventional markets, there seems to be a little more general enquiry, with new business concluded in various asset classes. This increase in activity will no doubt be music to the ears of the shipyards who typically look to the beginning of the fourth quarter of the year as one of their busier periods for new business. We expect over the coming weeks that the dry and container sectors especially will see further concluded contracts being reported.

In terms of reported business in dry, Clients of Oldendorff Carriers have placed an order at CSC Jinling Shipyard for three 39k dwt Handysize bulkers and a brace of SDARI 82k dwt Kamsarmaxes at a price understood to be circa USD 22 Mill per vessel and circa USD 26 Mill respectively, with delivery set to commence from the 3Q 2014. It is also understood that the Buyers have options for a similar number of repeat vessels to be declared next year.

In the Container sector, Clients of B Schulte, along with their investment partners at JP Morgan, have ordered two firm ships each of their own modified 2,700 TEU design, along with two optional Vessels at the Chinese Yard Zhejiang Yangfan, at a price understood to be circa USD 26 Mill. The size of the ships are slightly larger than the 2,200 TEU orders we saw earlier in the year from various Greek Owners as we understand that the Chinese design house SDARI have lengthened the vessel in order to load more containers as well as to accommodate the new G type engine. Delivery will commence from July 2014 and if all the options are declared, the final ship will deliver in September 2015.

In Gas, the Swiss based Clients of Geogas have ordered one option one 9,000 cbm semi-refrigerated LPG ships at STX’s smaller Busan facility in Korea. It is understood that the pricing is USD 27 Mill with delivery for the firm Vessel within 3Q 2014, with a yet to be decided date in 2015 for the optional Vessel. Hyundai Mipo have been successful in winning an order for two stainless steel fruit juice carriers from Clients of Atlanship of Switzerland. We understand the ships are costing circa USD 40 Mill each and delivery for the first vessel will be within the end of next year.

Finally Compagnie Polynesienne de Transport Maritime (CPTM) have placed an order for a single 5,000 dwt MPP vessel with passenger capacity at Shandong Huanghai Shipyard in China with delivery penned for July 2014 for an undisclosed price.

 

2012-10-09 09:53:04

S & P

A relatively quiet week for the S+P market.

In the Dry sector, the Japanese controlled capesize M/V NSS ADVANCE (173,246 dwt 1995 Sasebo) invited offers on Thursday last week and reported committed to Chinese buyers for a price in the region of US$ 10m.

In the Wet sector, the M/T SEAEDEN (45,983 dwt 2007 blt Shin Kurushima) reported sold at region US$ 18.5m, to Far Easterns, possibly Indonesian buyers.

On the smaller sizes, the Far East controlled product tanker sisters M/T BOW DE FENG and M/T BOW DE RICH (12,000 dwt 2002/2003 blt Fukuoka) have been sold to Sinochem, China for region US$ 21m enbloc.

 

NEWBUILDING

With Korea and China on holidays for most of last week, unsurprisingly it has been a very quiet week in the Newbuilding markets.

The major order we do have to report this week, which in fact was signed last week, is from Clients of CIMC, who are the listed Chinese leasing company and the largest container manufacturer in the world. Now that further details have become apparent, we can report that they have placed a series of ten South Americamax 9,300 TEU Vessels, with the order being split six at Dalian Shipyard (DSIC) and four at STX Dalian. It is reported that the order will be for circa USD low 80 Mills per Vessel and delivery from 2H 2014, with all the Vessels being on long term charter to CMA CGM. It is interesting that STX Dalian have been able to win some of this business, as we believed it would very much be domestic Chinese Yards that were able to be considered for this project being backed by this Chinese leasing company, however this shows STX’s further expansion into the larger container shipbuilding sector in their Chinese facility. Whilst CIMC already have the aforementioned exposure into the

physical box side of the business, this will be their first foray into Ship Owning.

We have now seen the global container orderbook reduce to now be only circa 500 ships on order and more importantly to just below the psychological level of less than 10% of the existing fleet on the water. Of these five hundred or so ships still left to deliver, more than 350 of these are in the larger postpanamax sector. It is interesting to compare this to the Tanker sector where we now see an almost comparable set of figures, where across the product and crude sectors only 9.8% of the existing fleet is now on the current orderbook. The dry orderbook across all sectors still has 20% of the existing fleet on order, however this is now well down on the 27% we saw as we entered 2012.

In terms of other reported business an unknown Marshall Islands based owner has placed an order for a brace of cargo/passenger ships worth a combined USD 16 Mill at the Japanese Yard Kegoya Dock KK, with delivery set for the end of 2013.

 

2012-09-25 13:46:29

S & P

Another active week in the drycargo sector, with more reported activity across all sectors. Clients of Sinokor have dominated the capesize market this week with the reported purchases of 2 x VLOCs namely the M/V WARRIOR (243,850 dwt 1990 blt I.H.I.) at US$ 12m and the M/V GENERAL (238,818 dwt 1992 blt Hitachi Zosen) from Chinese owners HOSCO for US$ 12.5m, and the M/V RUBIN HOPE (170,409 dwt 1999 blt I.H.I) from clients of Mitsui O.S.K. for region US$ 15m. The “WARRIOR” and “GENERAL” were both acquired by the owners as VLCCs in 2007 and converted in January 2008 to ore carriers. The handymax M/V NEW EMERALD (45,554 dwt 1996 blt Samsung) is concluded at around US$ 7.5m to Greek buyers while the older M/V KS GRACE (41,090 dwt 1985 blt Oshima) is reportedly sold to Chinese buyers for US$ 3.1m. In the handies Chinese buyers have agreed to pay US$ 6.5m for M/V NEW ALLIANCE (27,904 dwt 1996 blt Hakodate) while the M/V KOPER (22,150 dwt 1993 blt Saiki) reported sold at US$ 4.5m to Far Eastern buyers. In the Tanker S+P market we can report the sale M/T HELLESPONT TROOPER (147,916 dwt 1996 blt Samsung) which understand acquired by Greek buyers at a price in the region of US$ 12m. The M/T RAINBOW QUEST (47,221 dwt 1999 blt Onomichi) to Mercator at close to US$ 11.5m.

 

NEWBUILDING

It has been another relatively quiet week in the Newbuilding Market, with only limited new orders being reportedly placed at the shipyards. That being said, these orders have followed in a similar vein to recent times, with the orders either placed in the more niche sectors such as the car carrier markets, or for newer more economical conventional tonnage.

Whilst global market conditions continue to remain somewhat challenging, enquiry is now beginning to pick up in various sectors, as owners increasingly look to take advantage of not only the capacity on offer at the shipyards, but also the design development work that has been carried out by them. The container market in particular is beginning to see some signs of movement, with various discussions being mooted amongst the yards and owners. This sector, like the dry and tanker sectors before it, has seen plenty of recent design improvement work carried out by the yards. With many of the yards hungry for business, this sector in particular, with its typically more complex design requirement s looks an attractive option for the yards as they attempt to best utilise their available capacity.

In regards to the reported business; In Dry, Sasebo Heavy Industries are reported to have won two separate orders for a total of 3 x Panamax Bulk carriers. Clients of DST shipping are understood to have ordered 1 x 75,000dwt unit with delivery in 2013, whilst clients of Fundador Naviera are reported to have taken a further two units, believed to be 77,000dwt, with delivery in 2014 onwards. Pricing for these latter units, is expected to be in the region of USD 30 Mill. Jiangsu Eastern have also been reported to have won an order from clients of

Oldendorff for 1 option 1 x 94,000dwt Bulk Carriers. The unit is understood to be a selfunloading bulk carrier and delivery is scheduled within 2014. Finally in Car Carriers, DSME Mangalia are reported to have taken an order for 2+2+2 x 6,500 CEU PCTCs from clients of Ocean yield AS. Delivery for these units has provisionally been scheduled from 1H 2014 onwards. Pricing has not been disclosed.

2012-09-18 09:09:56

S & P

In the modern Capesize market a fresh benchmark has emerged this week with the reported sale by Japanese owners of M/V ORIENT VEGA (181,433 dwt 2011 blt Imabari) to Greek interest at US$ 36.7m.

In the Panamax sector, the last week’s sale of M/V BRAVE WIND (71,333 dwt 1997 blt Namura) which was reported committed to German buyers for US$ 10.4m, It has now come to light that this sale failed and that the vessel is now sold to Chinese buyers at lower levels in the region of US$ 9.2m.

The other Panamax sale is that of the M/V CSK UNITY (68,519 dwt 1995 blt Sasebo HI) at US$ 7.2m to undisclosed buyers, although worth noting drydocking is due in November this year.

In the Handymaxes, NYK Global have sold M/V GLOBAL SANTOSH (45,572 dwt 1997 blt Tsuneishi Zosen) to Hong Kong based buyers at US$ 8.6m with SS and DD due, while the 12 years older Empremars M/V SAL DE AMERICA (42,129 dwt 1985 blt Koyo) is sold to Italian buyers for US$ 3.2m; a price reflecting a scrap value at region US$ 380/ldt.

In the Tanker S+P market we can report the sale of VLCC TITAN VENUS (298,306 dwt 1995 blt Daewoo) at US$ 25m to undisclosed buyers.

The Fal Bunkering Aframax M/T KHORFAKKAN (105,304 dwt 2010 blt Sumitomo) which has been detained in Singapore since early July at the behest of mortgagees, understand has now been sold to Greek buyers for US$ 33m.

The 15 years old Aframax M/T TAIYOH III (95,666 dwt 1997 blt Imabari) has been acquired by Middle East based buyers at US$ 8.5m basis ss/dd due.

In the products sector, Formosa Plastics have sold the methanol carrier M/T FORMOSA SEVEN (35,657 dwt 1996 blt Shin Kurushima) for a firm price of US$ 9.35m. The level is slightly higher than most would have expected but being a zinc/epoxy coated Vessel the Chinese buyers may have had some very specific business in mind.

 

NEWBUILDING

Whilst the World's shipbuilders converged in Hamburg last week for SMM 2012, with seemingly busy diaries, we are unfortunately yet to see too much fresh interest emerge from this and new enquiry continues to remain somewhat subdued. Despite this, the week has still seen some reports of new orders being placed, although these in the slightly more niche sectors such as the Car Carrier, Shuttle Tanker and Gas markets, which continue to offer the shipyards support.

The overall market conditions continue to remain a challenge for the shipyards. Over the next 6 months, we continue to expect to see a consolidation of shipyard capacity (within China in particular), as a number of yards look to scale back their production and in doing so try to limit their exposure to lower priced contracts.

That being said, the number of contracts placed YTD stands at only 60% of last years equivalent (725 vessels in 2012 to date, compared to 1156 contracted JanSep 2011) and because of this there remains a large amount of production capacity still available from the yards in 2014. As witnessed throughout the year, competition amongst the yards will continue to remain fierce within the conventional sectors. Levels of demand in the market continue to remain limited and are being caused by the tight fiscal circumstances that many owners find themselves forced to operate in. This situation remains unlikely to change in the short term and therefore do expect competitively priced opportunities, including for the very latest economical designs, will become increasingly prevalent amongst the yards as they look to fill their outstanding production slots.

In terms of reported business; In Tankers, clients of AET Tanker Holdings are reported to have placed an order for a pair of 120,000dwt DP2 Shuttle Tankers at an unnamed Korean Shipyard. The yards,

which we understand to be Samsung Heavy Industries will deliver the vessels from within 2014. Pricing has not been disclosed.

In Gas, Hudong are reported to have won the order from China Shipping LNG for 4 x 174,000cbm LNG carriers. The vessels are expected to deliver from 2015 and through to 2017 but again no specific pricing has been mentioned, for this domestic order. The deal is understood to have options for a further 2 units attached.

Finally , Hyundai Mipo are reported to have won an order for one additional 6,600 CEU PCC from their existing client Ray Shipping. This will bring the total number of these units on order at the yard to 6 vessels and this latest unit will also deliver in 2014.

2012-09-11 09:20:27

S & P 

In the capesize segment the Japanese controlled M/V ORCHID RIVER (170,896 dwt 1997 blt Koyo) is sold to clients of Swiss Marine at US$ 12.5m. The vessel has been purchase basis a charter free delivery in Q4 2012 and passed SS/DD in COSCO Zhoushan Shipyard earlier last month. The smaller cape M/V SAAR N (122,259 dwt 1995 blt Daewoo) is sold to Korean buyers at US$ 6.6m (scrap levels) on “as is” basis with delivery Singapore.

Two Panamax bulk carriers ordered by Chinese owners and which have been seeking buyers for some time namely M/V HOUHENG 1 and M/V HOUHENG 5 (76,500 dwt 2012 blt Hudong-Zhonghua) have now been sold to Greek buyers for US$ 24m each. The 15 years old M/V BRAVE WIND (71,333 dwt 1997 blt Namura) has been committed on subs, possibly to German buyers for a price of circa $10.5m basis SS/DD passed in HRDD dockyard, Shanghai earlier this month.

The Japanese-controlled M/V GITTA OLDENDORFF (31,603 dwt 2005 blt Saiki) reported sold again, this time to Far Eastern buyers at US$ 13.25m. The 20 years old M/V IOANTHI (42,001 dwt 1992 blt Oshima) has gone to Taiwanese buyers at US$ 6.7m.

Not much to report in the Tanker S+P market however buying interest this week is focused on the 90’s built VLCCs. The VLCC “SAMCO RAVEN” (301,653 dwt 1996 blt Sumitomo) is sold to Greeks at US$ 25.75m while the “TENRYU” (281,050 dwt 1999 blt Mitsubishi) is purchased by Nathalin for US$ 26m. Finally, VLCC “LA MADRINA” (299,700 dwt 1994 blt Odense) is concluded to Southernpec at US$ 21m.

 

NEWBUILDING  

The newbuilding market remains very much reflective of the global economic condition; with volatility, expensive and limited finance and challenging trading conditions permeating across many shipping sectors, further investment into newbuild contracting is not an straightforward endeavour.

Nevertheless, there has been enough of a steady stream of dealflow for the mid-sized shipyards to maintain a level of activity in the market - although buyers price expectations remain challenging for shipyards to accommodate. For the larger capacity shipyards in both China and Korea, where facilities and production are optimised for larger sized conventional tonnage, 2012 has proved a very challenging year to date. With no immediate signs of recovery in terms of Large Crude markets and speculative LNG demand, coupled with an increased pressure on newbuilding prices for these sectors stemming from competitively priced, old design resale opportunities coming into the market from over exposed owners and problem contracts, the conventional segment of the market for the larger asset classes is certainly under pressure - and with the major yards continually looking to leverage business from these sectors, it is likely that the final quarter of 2012 will not buck the trend that the year seems to have followed to date.

In terms of reported business, Norwegian Buyers, Global Car Carriers have signed contracts for 6 units of 6,700ceu PCTCs at Jinling Shipyard, due for delivery in 2014. Montana Shipping are reported to have ordered 6 x 8,500 DWT MPP vessels at Jiangzhou Union Shipbuilding for delivery in 2014 and 2015.

2012-09-04 09:21:01

S & P 

In the Capesizes the M/V BULK LOYALTY (175,800 dwt 2012 blt Jinhai) has been sold to for US$ 37m to Greek buyers, while M/V DONG-A ARES (151,439 dwt 1994 blt China Shipbuilding) reported sold at USD 8m to Samsun Logix.

An interesting new benchmark this week was set with the sale of the M/V IVS KESTREL (32,537 dwt 2002 blt Kanda) which has reportedly been concluded at a price of circa US$ 11m to undisclosed Far Easter buyers. The vessel will be delivered with SS/DD freshly passed in the 4th quarter of this year. The last comparable sale was that of the “AZURITE OCEAN” (32,178 dwt 2002 blt Hakodate) which was sold in July for just over US$ 12m, we understand with SS/DD due.

Finally, the resale M/V SANKO VEGA (31,570 dwt 2012 blt Hakodate) understood is sold for region US$ 22m to Taiwanese buyers.

For the Tanker S+P market the summer has been quieter than we have seen in recent years with very few sales of any real significance taking place. The chemicals market has been the exception to the rule over the summer with a consistent flow of ships being sold ranging from the smaller 5k dwt ships up to the fully stainless steel J-19's.

 

NEWBUILDING  

The Newbuilding market continues to operate within the confines of a tough Macroeconomic environment. This has been highlighted this week by various Owners, with interests across the tanker, container and car carrier sectors, reporting first half losses Y-o-Y. This, in tandem with the similarly subdued earnings being posted by the yards for the same period, continues to highlight the challenging trading environment within which the market is operating.

The Korean MKE (Ministry of Knowledge Economy) has stated - that for the first time in the past 19 years, they expect the export value of ships and structures for Korea will decline in 2012, which seems unsurprising given the challenges of the debt market at present, which of course makes investment in the newbuilding market somewhat tough to say the least.

That said, there have still been reports of new business being concluded this week, with the yards proving that economical designs are key to winning new business and it will be those Owners who have cash available for pre-delivery installments, going to be the ones benefiting in the charter market once these ships hit the water.

Next week sees Hamburg host the biennial SMM shipbuilding/ship equipment/machinery international trade fair with Yards and equipment suppliers from across the world converging to present their product ranges not only to the German Owners based there, but the global market as a whole. Whilst the German KG market remains depressed at the moment ©} the traditional German Owners and KG managers are fully aware of the benefits of the new designs. In the container space, to name but one sector, they have been influential in working with the yards in developing their new designs, that will allow the segment to further strive towards meeting the new regulations for NOX/SOx reductions as well as make substantial savings on their future fuel bills.

In terms of reported business; In Dry, clients of Nisshin Shipping are reported to have placed an order at Jinhai Heavy Industries, China for 2 optional 2 x 82,000dwt Kamsarmaxes. The firm vessels are expected to deliver from 2H 2014 onwards and pricing is believed to sit in the region of USD 26 Mill per vessel. In Japan, Wisdom Marine Lines are reported to have turned to Namura to place an order for 4 firm units for their 34,000dwt design. Whilst pricing has not been disclosed, deliveries are expected to be from 2H 2014 onwards. Finally, Taizhou Sanfu are understood to have signed a further 2 x 51,000dwt handymax bulkers with domestic clients Guangdong Lanhai Shipping. These are optional vessels for ships ordered earlier in the year and expect will deliver in 2014. No pricing has been disclosed, but expect it would lie in the region of USD 23/4 Mill.

2012-08-21 09:09:38

S & P 

The supramax bulker M/V AKIBA (57,257 dwt 2011 blt STX) which suffered a grounding in Mozambique earlier this year and which was subsequently towed to Singapore, has been sold on an “as is where is” basis at US$ 7.5m. The Splosna Plovba controlled M/V LJUBLJANA (42,717 dwt 1997 blt IHI) is understood to have been committed to Greek buyers at region US$ 8.6m.

The summer lull continues and with the week interrupted by a number of national holidays across the world the level of enquiry has dipped to typical seasonal lows.

Several reports mentioning that the 2007 built pumproom type MR Tanker M/T FREJA SELANDIA (53,815 dwt 2007 blt Shin Kurushima) is committed on subjects at region US$ 21.5 m. to undisclosed buyers, however understand that vessel is not concluded yet and can be still negotiated. The part stainless chemical carrier M/T BATTERY PARK (15,037 dwt 1991 blt Kurinoura st/st center tanks, zinc wings) has been concluded at US$ 2.9m to Greek buyers.

 

NEWBUILDING  

The market has seen a flurry of activity this week, with a number of new orders being placed in various sectors such as Dry, Tankers and even Multipurpose. This is perhaps unsurprising with many of the yards having recently returned from their summer holidays and thus eager to get the latter half of the year off to a good start. As has been the case for much of 2012, these latest orders have all been for fuel efficient & economical designs and we are now beginning to see signs that the shipyards development work of the past year is paying dividends.

Despite this recent activity, the newbuilding environment does continue to remain a challenging one for the yards. This has been clearly seen with recent earnings announcements, wherein the yards in both Korea and China have witnessed a sharp drop in earnings throughout the 2Q of 2012. To help counter this and the relatively limited demand in the conventional sectors - we continue to see many of the yards broaden their product ranges, as witnessed with the ACL RoRo Containership order at Hudong. Orders such as this, in these more niche sectors, will continue to attract the major yards interest as they look to supplement their production lines, whilst patiently waiting for interest to pick up again in the more conventional markets.

In terms of reported business; In Dry, DST Shipping, Greece are understood to have placed an order at IHI for a pair of 56,000dwt Supramaxes. Pricing the vessels are understood to be scheduled for delivery in Early 2014 and believe pricing is in the higher USD 20s Mill. Clients of Fednav are reported to have returned to Oshima Shipbuilding for 6 x Ice 1C 35,000dwt Handysize Bulk Carriers, with deliveries scheduled to begin in 2015 and carry on through into 2016. Pricing has not been disclosed. Following their recent business at Jinhai, Clients of Laskaridis are understood to have also placed an order at Penglai Jinglu for 2+2 x 64,000dwt Bulk Carriers. Like the Jinhai units, it is understood these units will deliver from 2014 onwards. Lastly in Dry, Qingshan Shipyard are understood to have won an order from German buyers for 6+3 x 43,500dwt Handymax Bulk carriers. These vessels are provisionally set to deliver from 2Q 2014 onwards and are understood to have cost in the region of USD 23 Mill per vessel. In Tankers, Guangzhou Shipyard International (GSI) are reported to have won an order from Norden D/S, A/S for 2 firm, 38,000dwt MR1 Product Tankers. These units will deliver in 2014 and pricing is understood to lie in the region of USD 27 Mill. It is understood they also hold options for up to a further 4 units.

Finally in other sectors and as mentioned above, Atlantic Container Line (ACL) have placed an order at Hudong-Zhonghua Shipyard for five multipurpose roro containerships. These innovative vessels are capable of carrying 3,800 TEU and are expected to deliver from the end of 2014 onwards. Pricing has not been disclosed.

 

2012-08-14 09:29:36

S & P 

NO transactions were reported here.

 

NEWBUILDING  

It has been another quiet week in the Newbuilding market with many of the Shipyards only gradually returning from their summer holidays. This, in conjunction with various ship owners still away for their own holidays, has continued to keep the market relatively subdued, with only limited new enquiry being witnessed. In spite of this though, we have seen some further orders being placed in both the Dry and Product sectors, in what looks to be the culmination of some longer term discussions.

As we have seen throughout the first half of the year, the majority of the conventional sectors have seen only limited ordering activity. Whilst the major shipyards have had success in winning orders, it has for the most been limited to the offshore, gas and product tanker sectors. As the year progresses, these sectors will likely continue to play an important role for the yards as they look to fill their 2014 capacity.

With so many yards competing for business however, we do also expect to see further ordering activity in the more conventional sectors, including the dry bulk and container markets. It will be an interesting story to follow, to see which owners move to take advantage of competitive pricing being offered by the yards, for vessels more efficient than anything on the water today.

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