Clarkson, S
Hot Keywords
2012-08-07 09:17:51

S & P 

In the Panamax sector, the modern Panamax M/V LUO JIA (79,600 dwt 4/2012 blt Jinhai Heavy) reported sold for US$ 23m to undisclosed buyers.

In the Supramax sector, the sisters vessels M/V THALASSINI NIKI and M/V THALASSINI KYRA

(58,923 dwt 2010 blt SPP) reported sold for US$ 22m each to Greek buyers. The Handymax M/V GLOBAL OCEAN (45,600 dwt 1997 blt Tsuneishi) is also reported sold to Greek buyers at US$ 8.5m on “as is” terms with ss/dd due next month.

Clients of Norsul Brazil have purchased a 30,000 dwt prompt delivery resale delivering from Tsuji Heavy Industries for a price of US$ 20m; namely M/V FENGLI 12.

In the Tanker S+P market, c/o Knightsbridge Tankers have committed the 1996 built VLCC 'HAMPSTEAD' (298,306 dwt 1996 blt Daewoo) to undisclosed buyers at region US$ 24.5m. Basis today’s demolition prices this represents a premium of over 30% to what would have been received should she have been sent to the beaches of the sub-continent.

The M/T BM BONANZA (105,614 dwt 2008 blt Mitsui) has been bareboat chartered to Tanker Pacific for 2 years at an undisclosed rate followed by a purchase obligation at US$ 25m.

Turkish buyers have agreed to pay US$ 17.5m for Exmar’s refrigerated LPG carrier TIELRODE (34,754 cbm 1993 blt Kawasaki).

 

NEWBUILDING  

With most of the Yards in the East currently enjoying their week or so of summer holidays, it is unsurprising that the Newbuilding market has been a relatively quiet one this week. Pricing continues to remain under pressure and with many of the European Owners now taking a step back to enjoy their traditional August summer holidays, thus further limiting demand, expect this will remain the case for the coming months. With all these various holidays, a flurry of activity in the market should not be expected over the coming weeks and expect it will not be until September that the market begins to pick up again and we can see how pricing evolves will evolve moving forward. With the typically busier period in the dry markets towards the end of Q3 and the Yards still developing new designs this will no doubt help the Yards to win further business too.

Although much has been made of the fuel efficient designs and the potential cost savings for owners in ordering these, it is important to remember that these new design will also help owners to meet the new regulation changes, due to come into force in the near future - specifically in regards to NOX/Sox reductions and EEDI ratings. The combination of the short term savings and added benefit of meeting upcoming regulations, should no doubt see the Yards winning further business in the future ¨C albeit, as long as we see some let up in the financial turmoil we are still seeing here in Europe and the tumultuous debt markets.

In terms of reported business; In Tankers, Odfjell ASA have announced the signing of 4 option 4 x 46,000dwt high spec Chemical tankers at Hyundai Mipo. The vessels are understood to have 22 tanks and will deliver from between Jan and July 2014. Pricing has been reported in the very high USD 30s Mill per vessel. Meanwhile, STX are reported to have won an order for 2 option 2 x 52K Product tankers from clients of Wilmar Holdings. The vessels are understood to be built in the yards Dalian facility in china and will deliver in 2015. Pricing not disclosed.

In containers, clients of Eastern Med Maritime are understood to have further increased their orderbook at Guangzhou Wenchong by placing an order for 2 option 2 x 2,200 TEU container carriers. Pricing has not been disclosed though expected to be in the region of just under USD 26 Mill, in line with that of the recently announced deal at the same yard by Clients of Lomar. Delivery will be from 2Q 2014 onwards.

Finally, in other sectors, Fincantieri are understood to have won an order for and 800 passenger, 180 Car Ferry from STQ Canada which is scheduled to deliver in 2014.Pricing has been reported at USD 146.5 Mill.

2012-07-31 09:19:59

S & P 

This week has seen a noticeable slow down in S+P activity.

In the panamax sector, the M/V GOLDEN GLORY (70,296 dwt 1996 blt Sanoyas) reported sold to undisclosed buyers at US$ 9.5m.

In the Tanker S+P market, the aframax M/T DIAMOND CHAMP (107,198 dwt 2003 blt Imabari) is sold on private terms to Tanker Pacific while the 5years older Vietnam-owned M/T QVM SUCCESS (105,162 dwt 1998 blt Samsung) is sold to Greek buyers at US$ 11m.

 

NEWBUILDING  

Even in the middle of the summer holidays we are still seeing a trickle of orders being placed at yards. This week we have seen the Australian mining magnate Clive Palmer, take some time out from his ambitious Titanic II project, to order something a little more mainstream in the dry sector to support the ore import activities of his wholly owned Queensland Nickel Group, in addition to these orders we have also seen some activity in the products space.

Overall however, yards are still struggling to attract any significant new orders and in many cases yards forward order books are diminishing rapidly to levels not seen for many years and as such many yards will spend the summer holiday period trying to come up with innovative ways to fill the empty spaces. Many will no doubt hope to find respite in some of the more niche markets such as offshore and gas, however even in these relatively buoyant sectors competition remains fierce and the numbers of new orders actually available is limited when compared to the size of the dry, wet and container fleets. The one silver lining for yards that have been successful in the offshore and gas sectors, is that the relatively high value of the orders should at least offset some of the pain from the lack of numbers of units actually ordered, but ultimately yards still face a sobering second half of the year!

In terms of reported business in Dry, clients of Asia Pacific Shipping Enterprises are reported to have placed an order at Jinling shipyard for 4 x 64,000dwt supramaxes for delivery commencing 2014. Clients of Polaris Shipping are reported to have placed an order at STX Dalian Shipyard for a 207,000 dwt Newcastlemax basis delivery September 2014. Buyers are also understood to have retained a further option at the yard which if declared would deliver in December 2014.

On the wet side, clients of D'Amico have reportedly placed orders at Hyundai Mipo for 2 option 2 x 40,000dwt product carriers basis for delivery in 1st quarter 2014.

2012-07-24 09:11:28

S & P 

Confirming our announcement earlier this week, our Group has been appointed officially by the Korea Deposit Insurance Corporation (“KDIC”) in conjunction with a Korean partner to exclusively manage the sales and related consultancy of 7 modern bulk carriers namely ”SEA OF HARVEST” (81,508 dwt, built 2009 Universal), “GRAND CHALLENGER” (82,992 dwt, built 2006 Tsuneishi Zosen), “SEA OF FUTURE” (76,454 dwt, built 2005 Tsuneishi Zosen), “SEA OF GRACIA” (about 76,015 dwt, built 2003 Tsuneishi Zosen), “SEA OF HARMONY” (about 76,379 dwt, built 2001 Tsuneishi Zosen), “SUNNY PRIDE” (about 74,078 dwt built 2000 Imabari) and “ATLANTIC ADVENTURE” (about 55,709 dwt, built 2006 Oshima, C4x30T). At present, we are preparing further information, and discussing the time frame of the sale with the controlling interests, and will be able to revert with further information on how the sale will proceed in the coming week.

In the Dry S+P market this week;

The ore carrier M/V BAOSTEEL EDUCATION (228,527 dwt 2009 blt Namura) is changing hands within Japan at a price of US$ 45m. The buyers are reported to be MOL to whom the vessel was under time charter until 2029 at US$ 20,000 per day.

In the post panamax sector, clients of Diana Shipping are reported to have committed a resale controlled by Kambara interests from Tsuneishi Zhoushan Shipyard Hull SS-118 (97,988 dwt) for a price in the region of mid US$ 20’s.

In the supramax sector, a resale from Hyundai Vinashin Shipyard the Hull S010 (55,783 dwt 2012 blt Hyundai Vinashin), originally contracted by clients of E.R.Schiffarht, has been sold by the yard to clients of Thailand’s Precious Shipping at a price reported to be as low as US$ 20.5 million.

In the older handysize sector, the M/V BRAVE JOHN (39,230 dwt 1983 blt Kanasashi) has been sold by clients of P&P Shipping to Ukrainian buyers for circa US$ 3.7m. Chinese buyers are reported to be behind the purchase of the M/V BARCELONA (27,573 dwt 1984 blt 1984 Mitsui) from clients of Nordstrand Maritime at region US$ 1.9m while the Thai Pacific Maritime controlled M/V SIAM TOPAZ (26,587 dwt 1985 blt Kanasashi) has been sold to Greek interests for region US$ 2.45m.

In the Tanker S+P market, an interesting deal we can report is the sale of four German controlled 1998 built Aframaxes to South Korean interests - namely, M/T CAPE AVILA (105,237 dwt 1998 blt Halla) and sisters M/T CAPE AKROTIRI; M/T CAPE ASPRO and M/T CAPE ANCONA. The sale was committed on a subject inspection basis at region US$ 10.5m per Vessel and delivery will be later this year. The D’ Amico’s older Aframax, M/T SCORPIUS (94,225 dwt 1994 blt Fincantieri) has achieved US$ 13m. The IMO II/III M/T BALLAD (44,999 dwt 1996 blt Halla) reported sold to Nigeria based buyers at US$ 10.25m.

 

NEWBUILDING  

The Newbuilding market has seen some further activity this week with orders reportedly placed in both the dry and container/ro-ro sectors. Enquiry has continued to remain relatively subdued however and we do not anticipate this changing over the coming weeks, especially with the summer shipyard holidays in Korea on the near horizon.

This latest ordering has followed the trend of the year so far, with these orders being placed at the yards for their recently developed fuel efficient designs. This efficiency continues to give the yards a key selling feature when working with potential buyers and whilst it is true that financial liquidity remains limited in the market - there do remain some buyers with the capacity to order, as highlighted by these latest contracts.

With demand continuing to remain limited across the conventional sectors, it is of little surprise that the yards continue to try and broaden their product ranges. For the first time on record, investment into the offshore sector is understood to have outpaced that of investment in the conventional shipping sectors, during the first half of 2012. Fortunately for many of the shipyards, not only just in Korea, but in China and Japan too, this broadening of their traditional product ranges into offshore, has helped alleviate some of the pressures in the current market and will be a story to follow as to whether this continues on throughout the second half of the year.

In terms of reported business; In Dry, clients of Ultrabulk are reported to have followed up their order last week at Oshima by placing a further order at Weihai Samjin for 1 option 1 x 36,000dwt Handysize bulker. Delivery of the firm vessels is provisionally scheduled to deliver from the beginning of 2014 and pricing is understood to lie in the low USD 20s Mill. HI Investments & Securities are reported to have placed an order at Hantong Shipyard for 2 x SDARI 64K Supramaxes. These vessels are due to deliver in 2014 and pricing is understood to stand at circa USD 26 Mill. Clients of LT Ugland meanwhile are understood to have taken a pair of Tsunieshi Zhoushan supramaxes with delivery in 1H 2014. Pricing is not disclosed.

Finally in other sectors, STX are understood to have won an order from clients of Italian owner, Ignazio Messina for 4 hybrid container/ro-ro vessels. These will deliver throughout the 2H of 2014 and are understood to have cost circa USD 73.5 Mill per vessel.

2012-07-17 09:07:54

S & P 

It has been a busy week in the Dry S+P market this week;

In the Capesize sector M/V CAPE WISTERIA (172,846 dwt 1997 blt NKK) reported sold to Japanese buyers for a price of US$ 15m. Sale includes a 2 years TC back - rate undisclosed. In the Supramax sector, the Pusaka Laut PTE controlled M/V MARITIME CUATE (50,244 dwt 2002 blt Mitsui SB) which invited offers earlier this week is committed to PNSC Karachi for a price in excess of US$ 16m.

On Handies, the Japanese (Santoku Senpaku) controlled bulker M/V RANUNCULUS (29,678 dwt 2005 blt Shikoku) is understood to have been sold to undisclosed buyers for US$ 14.8m while Daiichi’s M/V GLOBAL NEXTAGE (24,830 dwt 1996 blt Shin Kurushima) is sold at US$ 8m with 3 years timecharter at US$ 8,500 per day.

Some vintage bulkers have also changed hands; Chinese buyers have picked up a couple of older handymaxes namely M/V ATLANTIC MONTERREY (45,263 dwt 1986 blt Osaka) at US$ 3.95m and M/V CORDELIA (40,763 dwt 1986 blt Sanoyas) at US$ 3.1m while Syrian interests have purchased the M/V IKAN MANZANILLO (34,062 dwt 1983 blt Mitsubishi) for US$ 3.6m.

Not much to report in the Tanker S+P market.

The ex Iino controlled stainless steel chemical tanker M/T CHEMSTAR DUKE (19,441 dwt 2000 blt Shin Kurushima) reported sold to South East Asian Buyers at US$ 12.25m.

LPG carrier PACIFIC HARMONY (75,387 cbm 1990 blt Kawasaki) is said to have been sold for US$ 19.5m.

 

NEWBUILDING  

The Newbuilding market has quietened this week, in stark contrast to last, with only one new order reportedly being signed. Fresh enquiry also remains somewhat limited, but this is perhaps unsurprising as we move further into the summer period, where many owners are increasingly looking forward to their vacations, thus limiting potential impetus for any new negotiations.

As mentioned there has only been the one order placed and that was by clients of Neptune Shipping in the PCTC Sector. This sector has been a relatively quiet one over the past 18 months - however this latest order, for 2 units, highlights an increasing ordering trend, with 7 vessels having been contracted in the past three months. HHI, Imabari and Hyundai Mipo, all yards with a good history of building in this sector, have been successful in taking these orders in the first half of this year. As has been the case across the various sectors, the yards have worked hard to redevelop their designs and this is now beginning to reap dividends as owners and operators increasingly begin to take note of these newer more efficient designs and the savings that can be realised from them.

Across the other conventional sectors, there does remain some enquiry, albeit relatively limited and as has been the story of the year so far, will likely continue to be driven by owners looking at the yards and their newer more efficient designs. Within Japan, Korea and China competition looks to remain fierce between the yards, as they compete for this limited demand and it will be interesting to see how the yards look to differentiate themselves from each other as they work to bring in new business.

In terms of reported business , Hyundai Mipo are said to have signed a contract for 2+2 PCTCs with clients of Neptune Shipping. The units are capable of carrying 3500 cars and are provisionally scheduled to deliver in Nov 2013 and Feb 2014. Pricing has not been disclosed.

2012-07-03 13:39:51

S & P 

The capesize M/V GAIA (169,963 dwt 1999 blt Daewoo) reported sold to Greek interests at US$ 15.4m. On other sales, it is understood that M/V AMBER K (48,282 dwt 2000 blt Oshima) is closely to be committed to undisclosed Greek interests for region US$ 13.5m. Korean buyers have purchased M/V OCEAN BELLE (32,130 dwt 1999 blt Saiki) for US$ 9.8m. Owners originally intended to sell the vessel including 2 years time charter back, but finally sold her on a time charter free basis.

A quiet week in the Tanker S+P market - again more down to a dearth of realistic sales candidates than active enquiry.

 

 

NEWBUILDING  

 

 

So far in 2012 we have seen the total orderbook decline by 19 percent in terms of dwt compared to the size of the orderbook at the end of 2011, notably the dry bulk sector still accounts for 56.6% of the total number of ships on order. This is therefore perhaps an unsurprising statistic, given that the Baltic Dry Index has been under so much pressure for most of 2012, dropping 46% Q-o-Q during the first quarter and in spite of a slight gain during the second quarter, year-on-year the BDI is still down by 31%. Add to this an orderbook overhang from the boom period, a world economic slowdown and a softening in commodity demand and it is no surprise that freight rates have struggled to gain any ground to date. Although we have seen a record number of drybulk ships scrapped, the average size of older ships is smaller than new deliveries and the net growth in the fleet far outweighs the demand for deadweight and therefore the pressure on freight rates continues.

In the first half of 2012 earnings in the crude sector have in part been supported by rising OPEC production (returning to levels not seen since 2008), record imports into China and India and increased long-haul trade both from the Arabian Gulf to the United States and from the Atlantic Basin to Asia. However, heavy deliveries from the boom years still continue to weigh on the market in 2012 and probably into 2013, although we are expecting to see some positive signs that we will start to see some deceleration in fleet growth going into 2013.

The difficulty yards face for the remainder of the year, is that the price to earnings ratio has increased to historically high multiples and therefore Yards will need to continue to find ways to further incentivise Owners to order in the 2nd half of 2012, whether that is through pushing new eco designs, financing or further finding ways to cut pricing remains to be seen.

In terms of new business, Clients of Zodiac Maritime have placed an order for ten wide-beamed 5,000 TEU Vessels at STX Dalian. Delivery will be from July 2014 and the price is understood to be around USD 43 Mill. Also in containers Shanghai Jinjiang Shipping Corp have placed an order for four plus four CV1,100 types at a price we believe to be just over USD 17 Mill for these geared units and they will be built at Jiangnan Changxing Heavy Industries. In the multi-purpose sector, Samsung Heavy Industries blockbuilding facility in Ningbo have entered the Shipbuilding market now, with an order from S&P Marine of Korea for a single 17,000 dwt heavy lift transporter. No price is known as yet, but the Vessel is due to deliver in July 2013.

In drybulk, Sincere Navigation have inked two plus two 82,000 dwt Kamsarmaxes at SWS in China for delivery from June 2014 and we understand the price to be USD 27.5 Mill. Clients of Oldendorff Carriers have placed an order for two 36,000 dwt handysize bulkers at Wehai Samjin, for delivery in the 2H 2012, no pricing is know yet for this order. In the smaller handy sector, Seaboard Marine have ordered four option four of the Delta Marine designed 28,000 dwt handies for USD 21.25 Mill per Vessel, delivery for these will be from January 2014.

Finally in LNG, Clients of Alpha Tankers and Freighters have exercised their option for a second 160,000 cbm LNG carrier at STX in Korea and Clients of MOSK have placed an order for a singleton LNG carrier at their domestic Yard Mitsubishi Heavy Industries. The deliveries for these vessels will be March 2015 and November 2014 respectively.

2012-06-26 09:16:37

S & P 

In the Panamax sector at an auction in Cape Town, the M/V PANOS EARTH (75,684 dwt 1984 blt Mitsubishi) reported sold for US$ 2.7m to undisclosed buyers.

In the Supramaxes clients of Sanko Steamship have committed the M/V SANKO TITAN (52,514 dwt 2005 blt Tsuneishi Cebu) at US$ 18.75m to undisclosed buyers.

In the Handysize sector, the M/V EMERALD OCEAN (33.355 dwt 2009 blt Japan) understand is sold for US$ 18.5m while Japanese sellers have also sold the logs fitted M/V GLOBAL PURITY (28,339 dwt 2009 blt Shimanami S.B.) to far eastern Buyers for a price in excess of US$ 18m.

The open hatch types M/V FENIX and M/V CICLOPE (30.027 dwt 1985 blt Mitsubishi) are sold to Turkish buyers at US$ 3.1m each.

Not much sale activity within Tanker S+P market; on larger tankers the M/V FORMOSA SIX (35,033 dwt 1995 blt Shin Kurushima) reported sold for a price in the low US$ 6m.

The stainless steel M/T CRYSTAL AMBRA (8,053 dwt 1998 blt Aarhus) is purchased from Russia based buyers at a price of US$ 9m.

Russian interests have also acquired the M/T OZAY-4 (5,707 dwt 2005 blt Torlak Gemi) for US$ 6.7m.

Finally, Norwegian buyers paid region US$ 10m for each of the marineline coated product carriers namely M/T MARDENIZ and M/T KARDENIZ (6,974 dwt 2008 blt Icdas Celik).

 

NEWBUILDING  

With the Shipping press reporting various large scale orders being on the horizon spanning dry, gas and containers, it’s going to be very interesting to see if these discussions spark a pre-summer holiday flurry of ordering, or if it is simply premature speculation on what may become! As we have discussed many times this year in this commentary, the biggest obstacle for Yards securing new orders remains the tightness of the financial markets and the on-going challenge for Owners to access debt for existing projects, let alone for pre-delivery and post-delivery financing of new orders.

With the worlds eyes still on the political situation in Greece and its and potential implications on the Eurozone going forward, it is likely that the Greek market will take a wait and see attitude before investing further in newbuildings pre-summer holidays. The Financial markets, after initially reacting positively to the news of the New Democracy victory in last Sundays election, have somewhat softened as the week has progressed and with the news at the end of the week that the credit ratings agency Moody’s having downgraded 15 major global financial institutions, it will sadly no doubt not lead them to lend further money out for new projects when their own cost of borrowing will no doubt rise following the downgrades - this does however remain against the backdrop of competitive asset pricing, so will remain an interesting dynamic to note to what extent the broader economic volatility that exists will stifle demand, or otherwise.

In terms of reported business; In Dry, Jiangsu Steamship Co. are understood to have placed an order for 4 x 63,800dwt Supramax Bulk carriers at Jiangsu New Yangzijiang Shipyard. These vessels are provisionally scheduled to deliver from 2Q 214 onwards and have been reported as having been signed at a price of USD 27.2 Mill each. In addition, CIC Jiangsu are reported to have won an order from Shanghai Yinhua Shipping, a subsidiary of China Shipping Development, for one 47,500dwt bulker. Delivery is understood to be in the latter stage of 2013.

In Tankers, Concordia Maritime are reported to have signed an order at Guangzhou Shipbuilding International for a pair of 50,000dwt chemical parcel tankers with deliveries scheduled for the end of 2014 and Early 2015. The pair are understood to have been ordered at a price of in excess of USD 39 Mill per vessel. Samsung are reported to have won an order from Chevron for a pair of 160,000dwt suezmax shuttle tankers for delivery in Mid 2014. Pricing has not been disclosed for this pair.

Finally, this week saw the announcement that Xiamen has taken an order for a 100,000GT Cruise ship from The Shan Hai Shu group and Xiamen International Cruise at a reported price of circa USD 487 Mill. The vessels is not scheduled to deliver until 2018.

2012-06-19 09:32:56

S & P 

In the Panamax sector the Post-Panamax beam coal carrier M/V ENERGY ANGEL (77,697 dwt 1998 blt Mitsui) reported sold to Indonesian buyers at a price region US$ 12.5m. Having had inspection requests from about 17 parties and recently invited offers, M/V VIOLET (50,362 dwt 2001 blt Kawasaki H.I.) has now been sold for region US$ 15.7m to undisclosed buyers (possibly F.Easterns).

The handysize M/V PACIFIC ID (27,860 dwt 1995 blt Kanasashi) has obtained US$ 8.75m having recently passed her drydock.

In the smaller sector we understand M/V ATLANTIS V (12,260 dwt 2003 blt Shin Kurushima) has been sold by Japanese owners for US$ 7.6m while M/V NAVISION IVORY (10,134 dwt 1999 blt Shin Kurushima) reported sold to Chilean buyers for US$ 4.25m.

In terms of concluded business within tanker S+P market, c/o Bakri Navigation Ltd have lifted subjects on their purchase of the 2006 built Stainless Steel chemical tanker SHAMROCK VENUS (19,908 dwt 2006 blt Fukuoka). The reported price is US$ 20m, which highlights a significant drop in asset values in the sector when compared to the exact sister, namely the ex HOLLY GALAXY (19,975 dwt 2006 blt Fukuoka S.B.) which was sold for US$ 24m back in October 2011.

The stainless steel M/T MAPLE GALAXY (19,386 dwt 1998 blt Shin Kurushima) has gone at US$ 9m while the smaller but younger M/T GOLDEN JANE (16,476 dwt 2000 blt Kurinoura) obtained US$ 9.1m.

 

NEWBUILDING  

The Newbuilding market has, perhaps unsurprisingly, continued to remain quiet this week, in what has been the aftermath of Posidonia. With little new business being concluded last week, it has left many owners taking their time to reflect on the outlook of the newbuilding market and its potential evolution over the remainder of the year. This is not to say however that the market has been totally devoid of activity however and we have still witnessed some interesting reports of new business being concluded, within the container market in particular.

Furthermore, it can be argued the market has remained as subdued as it has, because of the continued challenging environment being created by the global financial markets. This perhaps has been exacerbated somewhat this week, with news emerging of yet further turmoil emanating from within the European Union and its ongoing debt “crisis”. As has been repeatedly witnessed over the past year, these shocks in the market, have inevitably lead to a knock on effect in owners access to financial liquidity and hence their subsequent abilities to move in placing fresh orders. That being said however, the reported order this week placed by B.Schulte in tandem with JP Morgan, highlights the fact that there remain attractive opportunities to be found within the markets; across the sectors and that for the right opportunity the financial institutions are still there to offer their support to beleaguered owners.

With competition set to remain fierce between the yards as the year progresses, these opportunities will likely continue to materialise and it will be an interesting one to follow as to which owners are able to successfully position themselves to take advantage of these.

In terms of reported business; In Dry, CSL are understood to have placed an order at Yangfan for 2 option 2 x self-unloading 36,100dwt Bulk carriers. The vessels are provisionally understood to be delivering from the end of 2013 though no specific pricing has as yet been disclosed.

In containers, and as mentioned above, it has been reported that the Schulte Group in conjunction with JP Morgan have now placed an order for as many as 5 option 5 x 5,100 TEU Container carriers at Hanjin Subic with deliveries due to begin from Mid 2014 onwards. Pricing has been reported at just USD 45 Mill per vessel.

In Gas, clients of Almi Gas are now understood to have placed order for at least 2 firm units of 160K cbm LNG carriers at DSME in Korea, with a number of options attached. Deliveries are due from 2H 2014 onwards though no pricing has been disclosed.

2012-06-12 09:15:39

 

S & P 
The modern Panamax M/V XIAO YU (76,116 dwt 2012 blt Hudong) has been sold to Chinese buyers for US$ 25m including a 2 years tc back at $17,000/day.
In the handysize segment, Japanese Sellers invited offers on their logs-fitted handysize M/V SUSAKI WING (31,802 dwt 1997 blt Hakodate) during the course of the week, and have reportedly committed the vessel to Syrian buyers for US$ 7.6m with her SSDD due in November 2012 . This represents a softening on price from last done M/V ATLANTIC KING (27,797 dwt 1998 blt Naikai), sold last month for US$ 8.3m with SSDD due in November 2013.
Greek Sellers have committed their early 90’s built handysize M/V VERA I (28,025 dwt 1992 blt Poland) to Turkish interests for US$ 4.6m. The M/V OCEAN TRADER (39,833 dwt 1987 blt Korea Shipbuilding) reported sold to Chinese buyers for USD 4.2m, whileSyrian Buyers are rumoured to have purchased overaged handysize M/V NIKOLAOS (34,544 dwt 1984 blt Mitsubishi) for US$ 3.2m.
In the tanker S+P market, Dunya Shipping is said to have sold two MR tankers under construction at Hyundai Mipo namely M/T GAN TREASURE (51,600 dwt 2012 blt) is sold to Greek interests for US$ 31.5m, while the later sister M/T GAN TRUST (51,600 dwt 2013 blt) has gone to Maersk for US$ 33.5m.
The two VLGC’s MARAN GAS VERGINA (84,014 cbm 2008 blt Daewoo) and MARAN GAS KNOSSOS (2009 blt Daewoo) reported sold to Avance Gas in a joint venture with Transpetrol for US$ 73m each. The fully refrigerated JAG VIRAJ (22,472 cbm 1991 blt HHI) has been sold to Negmar, Turkey for US$ 9.5m while the fully pressurized GAS HAWK (2,514 cbm 1998 blt Tachibana) is sold for US$ 6m to Korean buyers.
 
NEWBUILDING  
The Newbuilding market has been a little quiet this week with both owners and yards alike journeying to Athens for this year’s Posidonia. Historically the event has offered an excellent opportunity for both the yards and owners to meet and finalise discussions and has, in the past, often led to numerous contracts being signed. However, in a pattern reminiscent of 2012 so far, the volume of activity has certainly been lower than previous years, though we have still seen orders placed in the Tanker, Dry and Gas sectors.
With the summer holiday period now looming on the not too distant horizon, attention will begin to shift to how the market will evolve in the second half of the year. Within China especially, the excess supply of capacity along with the continued limited demand, will most likely sustain the recent downward pressure on pricing. The hope must remain for the yards that not only will the global economy begin to pick up again, but also, on a purely shipping basis, that the extensive design development work carried out throughout 2012 will begin to reap benefits as the year progresses.
In terms of reported business; In Dry, CSBC in Taiwan is understood to have won an order from China Steel Express Corp. for a pair of 35,0000dwt Steel Carriers. We understand these Bulkers have been specially designed and strengthened to carry steel coils and as such are priced in the region of USD 25 Mill per vessel. Deliveries are provisionally scheduled to take place in October and December 2013.
In Tankers, further to reports in April this year it has now been reported that Alterna Capital Partners have placed an order at STX for 4 x 50K Product carriers. These vessels are understood to be delivering through 2013 from the 2Q onwards and have been reported as being signed at a total price of USD 134.5 Mill, or approx. USD 33.6 Mill each.
Finally in Gas, Hyundai Heavy Industries have now signed one option one 162,000cbm LNG carrier with clients of Tsakos Energy Navigation for delivery in 2015. Although, this deal was initially reported earlier in the year, the official signing of the vessel was held on Monday this week.
2012-05-29 09:11:08

S & P 

It has been generally a quiet week for the sale and purchase market however there are still a number of sales to report across the majority of the dry sectors.

A vessel reported to now have been committed from the Japanese market is the handymax M/V SOLAR ASIA (46,658 dwt 1998 blt Mitsui) sold for US$ 12.5m to Chinese interest.

Following the reported sale of the sister M/V NENA A clients of Fairsky Shipping have also committed of another handymax of the vessel series M/V NENA C (43,188 dwt 1994 blt Hyundai) for US$ 9.8m to Italian buyers. There are several rumours that M/V APEX BULKERS is also committed to undisclosed buyers for a price in the region of US$ 14m. The M/V EASTGATE (27,877 dwt 1990 blt Kanasashi) reported sold for a firm price in the region of US$ 5.75m to Ukrainian buyers while the 8 years younger M/V ATLANTIC KING (27,797 dwt 1998 blt Naikai) reported sold for a price slightly in excess of US$ 8.5m to Chinese buyers.

This week has seen the conclusion to the sale of the 2007 built Shin Kurushima MR tanker FREJA FIONIA which has been sold to clients of the Thenamaris group for US$ 21.5m; this sale indicates a further softening on the values of non IMO notation MRs.

 

NEWBUILDING  

Whilst there have been some further reports of new business being concluded this week, the newbuilding market has been a little bit subdued, both in terms of the number of firm orders placed as well new enquiries being seen in the market.

As has perhaps been the case in the past, this is not surprising given the close proximity to Posidonia - and will be interesting to note what announcements of pending discussions are announced over the next 10 days.

The recent uncertainty surrounding the political climate in Europe has not perhaps had the most positive effect in the global financial markets - it remains to be seen whether this will have a knock on effect, through the availability of financial liquidity and whether in turn, this has a further disparaging effect on buying sentiment from the Western Markets.

As always though and in spite of these challenges, Posidonia will give both owners and yards a good chance to discuss recent developments in the market, such as the major efficiency enhancements that have been made to many of the designs. With so much design work having been carried out in the last year, it will be interesting to see whether we are close to reaching the peak of performance for this latest generation of eco designs. If so, it may well spur further ordering across the sectors, as the buying markets gain confidence that new ships ordered today will remain competitive moving onwards into the future.

In terms of reported business; In Wet, Kyoei Tanker Co. are reported to have placed an order at Universal Shipyard for 1 x 318,000dwt VLCC. Whilst pricing remains unknown the vessel is understood to be due to deliver in Feb 2014 and will be built from their Ariake facility.

2012-05-22 09:31:26

S & P 

We have been witnessing an increasing demand for modern secondhand tonnage in the past couple of weeks, which has in turn led to increasing competition on the distressed resales from shipyards in China, as well as the secondhand tonnage being marketed from Japan.

In the Cape sizes M/V STAR ANGEL (170,475 dwt 1995 blt Mitsubishi) is sold for US$ 12.3m to Far Eastern buyers, most likely Sinokor.

In the Panamaxes the M/V SHINING BLISS (76,939 dwt 2007 blt Namura) has obtained US$ 23.9m from greek buyers.

Three STX newbuildings Supramaxes of 57,300 dwt have been sold by the builders to European buyers for US$ 24.3m each; original order had been placed by Trojan Maritime.

M/V TREASURE ISLAND (52,489 dwt 2005 blt Tsuneishi Cebu) was inspected by 7 buyers towards the end of last week and is now close to be fixed at a price in the region of US$ 20.1m.

Clients of Fairsky Shipping and Trading are rumoured to have sold mid 90s built handymax M/V NENA A (42,975 dwt 1994 blt Hyundai) to Italian buyers for US$ 9.75m. The vessel had just passed her drydock in Greece last month.

Finally, box hold type M/V SANKO ROYAL (42,529 dwt 1995 blt Namura) has obtained US$ 9.2m from Bangladesh based buyers.

 

NEWBUILDING  

The week has seen continued reports of business being concluded, again across a range of different sectors. The non-conventional sectors have continued to see the bulk of ordering activity, with further orders in PCC and other niche sectors. There have also been further reports of ordering in the Dry Bulk sector, which despite having seen a reduced level of activity over the past 12 months, is now perhaps highlighting buyers increasing willingness to consider placing orders for the newer more efficient designs.

In Japan, the continuing strength of the yen, which has appreciated against the dollar by 5% in the past 2 months and thus erasing many of the gains seen earlier in the year, continues to present an ongoing challenge for the Japanese shipbuilders as they themselves look to win new orders. That being said, the Japanese yards, like much of their Far Eastern competitors have undertaken large amounts of design work, producing increasingly interesting and efficient designs. The hope remains that these re-worked designs will help them regain their Competitive edge. And begin winning new orders again in spite of what looks to remain a challenging market going forward.

In terms of reported business; In Dry, clients of D'Amico are now reported to have ordered 6 firm units of 39,500dwt Bulk carriers, with options for up to an additional 6 units. Although not disclosed, pricing is understood to lie in the mid USD 22s Mill with deliveries scheduled to begin from 2H 2014 onwards.In Other sectors, HHI are understood to have won an order from Eukor Car Carriers for a pair of 59,000GT Car carriers with deliveries due in 2014. Sungdong meanwhile are understood to be very close to concluding the signing of as many as 10 x livestock carriers with Malaysian company Pembangunan Buka Hijau Holdings. Five of these vessels are understood to be designed to carry up to 7,000 cattle, whilst the remaining five for 11,000 animals. Deliveries due to begin from Mar 2014. No pricing has been disclosed.

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