Clarkson, S
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2012-05-15 09:16:48

S & P 

Chinese buyers paid a firm US$ 11.8m for Japanese controlled M/V RUBY CREST (73,330 dwt 1997 blt Halla). In addition, the Korean controlled M/V EASTERN QUEEN (70,196 dwt 1994 blt Daewoo) is understood to be sold again to Chinese in the region of US$ 9.5m. To remind you, the vessel was originally sold at the beginning of this year at close to US$ 10.9m but the sale eventually failed.

The handymaxes M/V SERASIH 2 (48,913 dwt 1999 blt IHI) and M/V SELARAS (45,734 dwt 1994 blt Tsuneishi) have been sold in an en bloc sale for a combined US$ 20.5m with a suggested breakdown of US$ 11.5m/US$ 9m.

In the handymax sector, Indian buyers have purchased the Okean type M/V MASTRO GIORGIS II (52,370 dwt 1995 blt Okean) at US$ 7.2m. Sanko-controlled handymax M/V SANKO RALLY (42,529 dwt 1994 blt Namura) is rumoured to be sold at around US$ 8.8m to Bangladeshi buyers; the low price reflecting limited pool of Buyers willing to operate these vessels with an 8 holds/8 hatch configuration.

Lastly, F. Eastern interests have purchased box shape handysize M/V APOLLO (27,812 dwt 1996 blt Naikai) for region US$ 8.2m.

Not much to report in the Tanker S+P market; whilst this week has not been as busy in terms of sales as last, there has been continued activity in the 90's built sectors. The recent dearth of sales of modern tonnage is not due to a lack of appetite but more down to a limited supply of tonnage being readily marketed for sale at prices in-line with the prevailing market.

In the Aframax sector, clients of AET have sold their second ship M/T BUNGA KELANA DUA (105,976 dwt 1997 blt Hyundai H.I.). Greek based Buyers are reported to have paid US$ 8.8m with special survey due.

 

NEWBUILDING  

With the excitement of Posidonia on the horizon and with the recent elections in both Greece and France, the focus and discussion has yet again started to concentrate on how these political changes will affect not only European policy, but more importantly for shipping, how the banking sector will be affected and their ability to start lending again.

Looking below at our reported business it could almost seem as if we are returning to the good old days with nearly 30 contracts placed at various yards this week and we are likely to hear confirmation of further contracts concluded over the upcoming weeks before Posidonia commences. However, even with these relatively positive signs, the view remains that the under laying problems of oversupply of tonnage, over capacity at yards and lack of funding are still very real threats to the longer term recovery of the shipbuilding market and as such one week of positive news sadly does not mean that the corner has been turned towards a full recovery!

In terms of the reported business IHI in Japan have announced an order for two 310k dwt VLCC's for their domestic Clients JX Group though their two subsidiary companies JX Tanker Co. Ltd and JX Shipping Co. Ltd, both ships reportedly for delivery from the Kure facility in 2015. Also in tankers, Seatankers Management Co. Ltd have placed an order at Longxue for four + two 42 M beam LRII's at a price understood to be at USD 42 Mill per Vessel, delivery of these tankers will be from the 4Q 2013 onwards. Finally in the Tanker sector, there has been an order from DSM Maritime of Australia for four small product tankers at the Vietnamese Yard Seong Thu Shipyard, these Vessels will delivery in the latter part of next year.

In dry there has been a volume order from the Chinese player Shenhua Zonghai Shipping with an order for eight 76k dwt Panamax bulkers, with six of these coming from Jiangnan Shipyard and the final two from Shanhaiguan and whilst the order was placed in RMB, it is understood to equate to a USD equivalent of something around USD 28 Mill per Vessel. These Ships will deliver from October 2013 onwards. Sasebo in Japan are also understood to have taken orders for a trio of their 75,000 dwt panamax design from Wisdom Marine Lines of Taiwan. Whilst it the value of this order is not known yet, we understand they will deliver from July 2013 onwards. Finally in dry Clients of National Commodities Operations, Greece are reported to have placed a BBHP order for five SDARI 64k dwt Ultramaxes at Jiangsu Sainty Shipyard for delivery from October 2013.

2012-05-14 10:44:46

Clarksons, the world’s leading shipping services group, Friday announced its Interim Management Statement published in accordance with the UK Listing Authority's Disclosure and Transparency Rules, for the period from 1 January 2012 to 10 May 2012 (“the period”).At the Annual General Meeting to be held in London today, Bob Benton, Chairman of Clarksons, will make the following statement: Trading The shipping markets remain very challenging. Freight rates in many sectors have been weak reflecting the continued demand/supply imbalance previously highlighted in our market updates.
Low asset values and the lack of available debt are further impacting the market.
However, Clarksons’ performance during the period is in line with the Board’s expectations. Our strategy to provide unrivalled levels of client service globally, across all shipping markets, has meant that we not only continue to optimise our position in each of these markets, but also benefit wherever there is improvement.
Broking
The Group has again increased market share, with higher transaction volumes going some way to help mitigate the fall in freight rates. The weakening of the US dollar against Sterling since the beginning of the year will, if sustained, impact reported revenues. Spot business remains prevalent as it has since the turmoil of late 2008.
Financial
Clarkson Capital Markets is currently working to complete a number of active mandates, and the team has been further strengthened by several key hires in the period.
Support
Our port and agency activities have started the year well. The successful integration of Clarkson Port Services and EnShips, acquired at the end of 2011, has given rise to an increase in both revenue and the number of clients which we service.
Research
Research is at the heart of all Clarksons’ services and we continue to grow the breadth and depth of our offer. Revenue from research activities has increased in the period, as quality and in-depth information become ever more valuable to our clients in challenging markets.
Legal Settlement
As announced on 8 March 2012, during the period H. Clarkson & Co Limited, a wholly owned subsidiary, reached a full and final settlement of certain legal matters with Mr Nikitin and a number of corporate entities. Under the terms of the settlement, an amount of USD 7m was received which will be accounted for as an exceptional item in the Group’s accounts for the current financial year, ended 31 December 2012.
Board Changes
As announced on 8 March 2012 Martin Stopford retired as an executive director of Clarkson PLC. Also as announced on 10 February 2012 Paul Wogan resigned as a non-executive director of Clarkson PLC in order to dedicate himself to his new executive role at GasLog. The Board is currently undergoing a search process to recruit a replacement for him.
Balance Sheet The group remains cash generative. The strength of our balance sheet together with increased net funds provides us with the flexibility to take full advantage of any opportunities which may emerge.
Outlook
Continued economic uncertainty combined with the demand/supply imbalance across most markets creates a challenging backdrop to 2012.
However, our business model has demonstrated itself to be robust in this environment and we continue to benefit from increased trading volumes. Our market leadership, with industry leading research at its core, proven strategy and strong balance sheet position us well for the future.

2012-05-08 09:59:57

S & P 

An active week for both the dry and wet s+p market.

There are strong rumours in the market that HULL 1054 81,000 dwt SPP resale has been sold to clients of Bright Navigation at a price in the region of US$ 27m. The vessel, which is expected to deliver this summer, was originally part of a 2-sistership order placed at SPP Shipyard, although the second vessel is understood to have already been cancelled.

The geared Kamsarmax M/V NEWLEAD GUJURAT (79,500 dwt 2011 blt COSCO Dalian) has been sold at auction in South Africa to Greek buyers for US$ 22.4m.

In the Panamax sector, four Vogemann controlled ships have been committed in two separate enbloc transactions. The two Japanese built sister vessels, M/V VOGETRADER (72,170 dwt 1996 blt Hitachi) and sister M/V VOGEVOYAGER reported sold to Turkish interests at US$ 10.75 each. The two B&W built vessels M/V VOGE PRESTIGE (75,100 dwt 1996 blt B&W) and M/V VOGE PROSPERITY fetched US$ 8.75m each; understand from Greek buyers.

In the handysize sector, M/V ATLANTIC KING (27,786 dwt 1998 blt Naikai) has obtained US$ 8.5m from undisclosed buyers while the Daiichi Chuo owned M/V GLOBAL EXPLORER (24,800 dwt 1996 blt Shin Kurushima) reported sold at US$ 8.25 million with 3 years t/c at US$ 7,850 per day.

Despite the majority of the world disappearing for most of the week on various national holidays, we do have more to report than expected in the tanker Sale and Purchase market. Whilst the sales have not been of particularly modern tonnage, we do still believe they are worthy of note, especially in light of falling demolition levels and continued struggles in the charter markets.

Rumours suggest that Tanker Pacific owned VLCC CENTENNIAL JEWEL (300,955 dwt 1997 blt Mitsubishi) has been sold for US$ 32m to Modec most likely for conversion to an FPSO; sale may be on subjects.

In the suezmax sector, Greek clients (Polembros) have paid region US$ 15.25m each for the 2 Russian controlled sisters M/T NAUTIC and M/T NAVIGA (150,800 dwt 1998 blt NKK). Same buyers have also acquired the AET-owned Aframax M/T BUNGA KELANA SATU (105,575 dwt 1997 blt Hyundai) at US$ 9m.

The LR1 TORM UGLAND (73,708 dwt 2007 blt New Century) reported sold to Indonesian buyers at the price of US$ 21.5m with her first special survey passed within March.

In a number of sales Maersk is disposing their older MR product carriers; M/T MAERSK CLARISSA (44,970 dwt 1997 blt Halla) has obtained US$ 11m from Dileton Maritime. A further three units have also been sold M/T MAERSK CLAUDIA - M/T MAERSK CASSANDRA and M/T MAERSK CAMERON (45,999 dwt 1995 blt Halla) obtaining US$ 10m each from European buyers. A similar but Chinese built vessel namely M/T SELENDANG MUTIARA (45,991 dwt 1997 blt Dalian) reported sold to an undisclosed Greek buyer for US$ 8.4m.

 

NEWBUILDING  

With Golden Week and National Holidays in both Japan and across the world this week - the Newbuilding market has been a little subdued in terms of activity reported. That is not to say however that there has been a complete dearth of activity, with reports surfacing of further ordering in the Gas and Dry bulk sectors.

This further ordering in the Gas market is perhaps not a surprise given what has become a familiar story over the past year and these latest orders in the Dry Bulk market reflect owners increasing willingness to consider placing orders where the latest design developments mesh more comfortably with the current market price levels.

One sector however that has not yet reflected the ordering of last year remains the container market, wherein there have been only limited reports of new business having been concluded thus far this year. We understand though that several volume container projects are currently under discussion both in Korea and China and that the yards here are all competing fiercely to win what business is available. It is felt that this competition is leading to a continued softening in pricing and that the competition itself is being further exacerbated by the still somewhat limited demand in the other conventional sectors.

As with other sectors though, the Yards have been continually working hard on the technical innovation of their container designs and importantly in reducing the consumption of the Vessels in this time of very high bunker pricing. Typically, these enhancements are leading to the designs being developed today now offering significant savings even against the vessels ordered post-crash last year and as such feel the container market will be one to watch over the coming weeks where we expect ordering will begin afresh to take advantage of this.

In terms of reported business; In Dry, clients of Densay Shipping are reported to have ordered 1 option 1 x 82,000dwt Kamsarmaxes at CSC Jinling Shipyard. The firm vessel is understood to be delivering from end 2013 with the optional vessel in 2014. Clients of Niovis Shipping meanwhile are understood to have placed an order at Mitsui for 1 option 1 x 66,000dwt Bulk carriers. Pricing has not been disclosed however delivery is understood to be scheduled for 1H 2014.

In Gas meanwhile, Brunei Gas carriers are reported to have placed and order for 1 firm LNG carrier of 154,800 cbm in size at HHI. It is understood this includes options for two additional units and deliveries are scheduled from 4Q 2014. Finally, Ultragas are reported to have placed an order at STX Jinhae for 2+2+2 x 22,000cbm LPG carriers. These are scheduled to begin delivery in 1H 2014 and pricing is understood to be in the region of USD 42.5 Mill.

2012-05-02 09:25:05

S & P 

An interesting week for dry S+P market especially in the Cape and Supramax sectors.

Chinese buyers (Winning Group) have acquired two Capes; the modern M/V REGENA N (180,277 dwt 2006 blt Imabari) at region US$ 33.9m and the vintage M/V CAPE AMERICA (149,515 dwt 1991 blt CSBC) at US$ 8.5m. On another sale, undisclosed Greek buyers acquired the M/V IRON YANDI (169,963 dwt 1996 blt Daewoo) at US$ 13.5m.

The vintage / crane-fitted Panamax M/V CHIOS JOY (68,762 dwt 1989 blt Hyundai) reported sold to Chinese buyers at US$ 6.5m with drydocking due in July.

The modern Supramax M/V DALIAN STAR (56,010 dwt 2007 blt Mitsui) reported sold to Greek buyers at region of US$ 23.5m. The vessel was inspected by a number of Buyers earlier this month in China whilst she was passing her drydocking survey.

In addition, we can report that, further to negotiations last week, the grab fitted M/V FURNESS AUSTRALIA (52,489 dwt 2001 blt Tsuneishi Zosen) has been sold for a price in the region of US$15.4m to Indonesian buyers.

Not much to report in the tanker S+P market;

the Aframax M/T TAIYOH III (95,666 dwt 1997 blt Imabari) has been sold for US$ 9m to Nathalin with due ss/dd in June. Price reflects a small percentage over her scrap value. On smaller sizes, the coated M/T GLOBAL THEMIS (11,394 dwt 1999 blt Higaki) reported sold to undisclosed buyers for US$ 6.75m.

Moreover, three stainless steel chemical tankers were sold last week; M/T PIONEER SPIRIT (8,735 dwt 1997 blt Usuki) at US$ 6m,  M/T SPRING MISTRAL (3,818 dwt 2009 blt Onishigumi) at US$ 9.5m to Korean buyers and M/T GEMINI L. (7.506 dwt 1996 blt Shin Kurushima) at US$ 4.5m.

 

NEWBUILDING  

The Newbuilding market has seen yet further reports of new business being concluded across a range of sectors this week, including the Product Tanker, Gas and PCC markets amongst others. These first of these sectors in particular has already seen a good level of ordering activity and this latest business certainly helps maintain the momentum that has been generated so far this year.

2012 has so far been a comparatively quieter year in the Newbuilding market and this latest ordering will certainly be welcomed against a challenging macro economic & trading environment. The overall orderbook now stands at its lowest level since 2005 having been in decline over the past 4 years and a major part of this can be attributed to the greatly reduced levels of ordering in the conventional sectors such as the Dry Bulk and Crude Tanker markets.

We continue to see the yards and design houses strive to make every improvement to the efficiency of their designs in an effort to combat this and these developments looks increasingly important, with oil prices continuing to hover around the US$ 120 per barrel mark (Brent) and firm forward anticipation on pricing.

The overall cost of bunkers looks likely to continue to rise in the near future, especially when factoring in the need to burn various fuels within the different ECA Zones and it will certainly be an interesting story to follow to see how owners react to this and the impact the coming two tier market (that is developing against this evolution in designs) will have on asset values across the board.

In terms of reported business; In Wet, STX are reported to have had a busy week winning orders from 2 separate owners for MR product tankers. Firstly, they are reported to have signed 2+2 x 50K Units with Alterna Capital Partners for delivery from 2Q 2013 from Jinhae in Korea. Secondly they are understood to have signed with clients of Tanker Pacific for a series of 4+4 x 50K Product carriers to be built in their STX Dalian facility, China with deliveries starting from 2014. Pricing for these units is understood to lie at just a shade under USD 30 Mill per vessel.

In Gas, Navigator Gas have announced they have completed an order with Jiangnan shipyard in China for up to 6 x 21,000cbm Semi Refrigerated, ethylene capable LPG carriers (understand 2+2+2 units). These vessels are believed to have been signed at a price in the region of USD 49 Mill and will begin delivering from Apr 2014 and then at 2 month intervals thereafter.

In other Sectors, clients of Zodiac Marine are understood to have placed an order with Imabari for 2+2 x 6,500 CEU PCCs with deliveries provisionally scheduled to begin from 2014 onwards. Pricing has not been disclosed.

2012-04-25 10:01:38

S & P 

Following last month's reported sale of M/V ENERGY PROMETHEUS (74,083 dwt 1998 blt Imabari) and last week reported Capesize M/V KOHFUKUSAN (172,566 dwt 1999 blt NKK) we understand the vessels were actually part of a 3 ship enbloc deal from Japanese owners to clients of Cyprus Maritime. In the sale also included the panamax bulker M/V ORANGE TRIDENT (78,932 dwt 2007 blt Sanoyas) for US$ 24m.

Other Japanese owners have also committed Brazilian built M/V 'ROYAL OCEAN (70,677 dwt 1995 blt I.V.I. Ishibras) to Chinese interests for US$ 8.5m.

In the Supramax sector, M/V HIRYU (52,982 dwt 2003 blt Oshima) reported sold at US$ 17.7m to Greek buyers while M/V AEGEAN FALCON (50,296 dwt 2000 blt Mitsui) is committed to undisclosed buyers at region US$ 14m or a bit in excess.

Clients of Daebo Shipmanagement have sold their M/V DAEBO FRONTIER (48,280 dwt 1985 blt NKK) for US$ 4.7m.

In the handysize sector, M/V ID PIONEER (26,455 dwt 1991 blt Hakodate) reported sold to F. Eastern buyers for US$ 5.8m while for the overage M/V ZULAL N (23,911 dwt 1984 blt Minami Nippon) Lebanese buyers paid US$ 2.9m.

Not much to report in the tanker S+P market; the coated M/T AGISTRI (9,304 dwt 1992 blt Higaki) is sold to undisclosed buyers for a price just in excess of US$ 2 mill.

In the LPGs Exmar have sold two of their vessels; LPG “ ELVERSELE” (36,761 cbm 1996 blt Kawasaki) reported sold for US$ 31.9m to Ultragas who successfully tendered the vessel for charter to ENAP. The second LPG is the “CHACONIA” (27,509 cbm 1990 blt Belgium) for US$ 17m to Turkish owners Negmar.

 

NEWBUILDING  

Further reports of new business this week and as we push further into the 2Q of 2012 there is certainly enough volatility amongst the shipyards to make for an interesting environment.

The situation in China continues to unfurl and yield competitively priced opportunities, with the focus primarily being on Dry Newbuilding resale’s as Shipyards struggle to manage their exposure to their own existing orderbooks. With an increasing volume of prompt tonnage coming available to the market - there is certainly pressure on the yards to find a quick resolution here and this is dampening values down to levels that seem to be enticing interest from cash rich buyers.

There is certainly a trade off here between design and price - as the new designs and later deliveries now on offer from Shipyards are certainly offering considerable efficiency savings against the wash of resales coming into the market - however - with a substantial value gap now emerging between these two opportunities in the market - for the moment price seems to be dominating decision making and a number of owners are gunning for low value and exposed contracts as opposed to a longer terms focus on efficiency.

In terms of reported business; In Dry, NSCSA have this week confirmed an order for 5 x 82,000dwt Kamsarmax Bulk carriers and though no shipyard has been mentioned, these are understood to have been placed at Oshima Shipbuilding. No further details were revealed, though deliveries are believed to be throughout 2014.

In Tankers, Wisby Tankers are reported to have placed an order at Hyundai Mipo for 2 option 2 x 30,000dwt Product Tankers with deliveries due in 4Q 2013 and 1Q 2014 respectively. Meanwhile, clients of Sun enterprises are reported to have contracted a pair of 73,000dwt LR1 Product tankers at HHI with deliveries in End 2013 and 1Q 2014. Pricing has not been disclosed for either of these orders.

In Gas, Tsakos Energy Navigation announced last week that it had placed an order for 1 option 1 units of 160,000cbm LNG carrier with delivery of the firm unit scheduled in 2015 at HHI. And finally, Maran Gas is understood to have declared its options and signed a further pair of 160,000 cbm LNG carriers© at DSME. Like the Tsakos ship, these units are expected to deliver within 1H 2015.

2012-04-18 09:27:00

S & P 

A very busy week for the dry S+P market along all the sectors.

The cape size M/V KOHFUKUSAN (172,566 dwt 1999 blt NKK) has been sold for US$ 15m to Greek buyers.

The Panamax M/V PETKA (75,460 dwt 1994 blt B&W) reported sold to European buyers for US$ 9.7m with 1 year timecharter back to the Sellers Atlantska Plovidba at US$ 10,000 per day.

The Ultramax resale/ newbuilding 61,000 dwt from Imabari has been purchased by Greek buyers (Carras) for US$ 28.3m with early delivery.

In the supramax sector, the Japanese controlled M/V FURNESS HARTLEPOOL (52,300 dwt 2006 blt Tsuneishi Cebu) has been committed for US$ 20.5m to undisclosed European interests basis a tc free delivery by arrangement. Top Ships’ last bulker M/V EVIAN (51,201 dwt 2002 blt New Century) reported sold at US$ 12.2m; with her sale Top Ships is reverting solely to tanker operations.

The Handymax M/V TARAPACA (46,786 dwt 2000 blt Kanasashi) is reported sold to Greek buyers for US$ 13.85m.

A few sales to report in the handysize sector; the overaged M/V DINA G (37,725 dwt 1984 blt Sasebo) is sold to Chinese interests for US$ 3.5m. The M/V IRMGARD (37,300 dwt 2012 blt Imabari) which originally ordered by Blumenthal, has been sold to Far Eastern buyers (Pacific Basin) for US$ 22.5m.

The open hatch/boxed shaped type M/V ORIENTAL FINDER (32,395 dwt 2003 blt Kanda) has been sold domestically/Korea through a bank sale for US$ 13m while the same type M/V GITTA OLDENDORFF (31,603 dwt 2005 blt Saiki) is committed to undisclosed buyers for US$ 14.5m.

The M/V SH BRIGHT (29,828 dwt 2006 blt Shikoku) has been committed for a price of US$ 15.7m.

Other sales include the M/V PERAST (30,650 dwt 1984 blt UK) reported sold to Turkish buyers for US$ 3.2m; Chinese buyers have agreed to pay a price of US$ 4.05m for the M/V SEA HOPE (27,939 dwt 1989 blt Shin Kurushima); the M/V ARMSTRONG (27,900 dwt 1995 blt Naikai) is sold at US$ 7.75m. Finally the smaller handy M/V IKAN TERBANG (18,849 dwt 2005 blt Yamanishi) is sold to European buyers for US$ 10m.

In the tanker S+P market, Clients of Overseas Maritime have committed the May 2012 delivery M/T MERIOM LILY (50,352 dwt 2012 blt Guangzhou) to clients of US based Wayzata Investment Partners for region US$ 30.5m.

 

NEWBUILDING  

As we reported last week 2012 has seen a relatively slow start to the year in terms of new business for shipyards and the expectation remains that this slow start to the year is unlikely to improve in the short term. This leads yards with the difficult task of trying to work out how they are going to fill their rapidly depleting orderbooks and one area where many are hoping to find salvation is in the Offshore arena, where a continued high oil price and higher Exploration & Production spending by the oil companies points towards an upturn in the market.

Whilst the expectation is to see a steady increase in demand for Vessels, there is still a large orderbook that needs to be cleared before we expect to see any significant ordering and when those orders do start to come the competition between yards will be fierce, so they can expect margins to be squeezed significantly in the fight for new orders. On top of this, although Offshore is one of the brighter spots in the shipping space today, many companies still face the same funding issues that we have seen plague the rest of the shipping markets and getting financing in place is a hurdle that could further hold up the growth of the Offshore market, so all in all Offshore may not quite be the savior that Yards are hoping for in 2012.

In terms of reported business, a domestic Chinese Owner from the Fujian province has order a quartet of shallow drafted, coastal trading 51,000 dwt bulkers at Taizhou Sanfu shipyard for delivery from December 2013 onwards. We understand that this business had been concluded in domestic currency, but has a USD equivalent of circa USD 25 Mill per Vessel. Also in dry, we understand Clients of Wisdom, Taiwan have returned to Tsuneishi Zhoushan for two plus two units of 45k dwt bulkers with delivery in 2014. Finally the South Korean owner, NS Nikko Copper have reportedly placed an order for a singleton 37.3k dwt handysize bulker at HMD for delivery in September 2013.

In wet Wilmar Holdings of Singapore have ordered two, plus two, plus two x 4,200 dwt bunkering tankers at SWS in China for delivery from July 2013, the price is understood to be around USD 7 Mill.

Finally Ray Shipping are understood to have returned to HMD to extent their order of 6,500 CEU PCC’s by an additional unit for delivery in second half 2013.

2012-04-10 09:25:19

S & P 

The amount of sales this week have reflected the various holidays in Europe and China, however with a number of modern units currently under inspection we could well see an increase in reported sale in the next couple of weeks despite these holidays.

In the Panamax sector, UK-listed Hellenic Carriers have announced that they have committed their mid-90s built Panamax bulk carrier M/V HELLENIC SKY (68,591 dwt 1994 blt Sasebo H.I.) for US$ 10.1m.

In the Handymaxes, M/V OCEAN SUNRISE (48,203 dwt 1999 blt Oshima) reported sold for US$ 13.4m from Far Eastern buyers while the Handy M/V LIVADIA (32,662 dwt 2003 blt Shin Kochi) has obtained a firm US$ 15.2m from Nachipa, Chile.

It has been also a quiet week in the Tanker Sale and Purchase market; after the enbloc sale reported last month from Tanker Pacific’s fleet of the MR product carriers M/T PACIFIC OPAL and M/T PACIFIC RUBY (46,850 dwt 1993/1994 blt Halla) a further three non IMO sisters namely M/T PACIFIC AMBER (1993 blt), M/T PACIFIC JADE (1994 blt)  and M/T PACIFIC PEARL (1994 blt) reported sold to Nigerian buyers at US$ 7.5m each.

 

NEWBUILDING  

The Newbuilding market has been particularly quiet this week due, in no small part, to the combination of the holidays in the Far East in the early part of the week, being directly followed by the impending holiday period across much of the West!

As we commence the 2Q of the year - it is interesting to take a year on year comparison in terms of contracting volume against the same period for 2011. For the 1Q 2012 we have so far seen 201 contracts placed at Yards globally, inclusive of offshore orders coupled with conventional tonnage. This is in stark contrast to the same period in 2011, which saw approx. 415 contracts placed within the same sectors - so a fall in activity of some 50% over the same period.

The 1Q of 2012 has certainly proved to be challenging for owners and shipyards alike. From a trading perspective - the BDI has dropped from an average of 1365 for the 1Q of 2011 to an average of just 867 for the 1Q of 2012 - and there is no doubt that a weak trading environment coupled with an increasing challenging debt market has directly translated into a reduction in newbuilding volumes.

Yards that are diversified will be best placed to take advantage of the niches of the market that still yield opportunity - however for those dependant on a much narrower product mix - the 2Q of the year will be challenging and it will be interesting to note whether the pressure build up from the 1Q translates into another dip in values over the next quarter…

2012-04-05 09:11:18

S & P 

It has been a relatively busy week this week, with a number of sales to report. The majority of the activity is still centred around the Japanese selling market and this looks set to continue with further tonnage coming for sale from Japan with the arrival of the new domestic fiscal year.

In the Capesize sector, the Spanish built Capesize M/V VOGESAILOR (164,118 dwt 1996 blt A.E.S.A.) has been sold by c/o Vogemann to Greek interests for around US$ 11.6m. The Vessel had been inspected by a couple of Buyers in Singapore last week, and sold basis prompt delivery. The owners had fixed and failed her a number of times previously,

An increased activity is observed in the Panamax sector with several interesting sales to report. The Tess 76 type panamax M/V MINING STAR (76,225 dwt 2005 blt Tsuneishi Zosen) has been sold to clients of Diana Shipping for region US$ 21.5m. Neda Maritime’s M/V AMALIA (75,100 dwt 2000 blt Hitachi) reported sold to other Greek interests for the very firm price of region US$ 16.4m. Other activity in the sector includes M/V ENERGY PROMETHEUS (74,083 dwt 1998 blt Imabari) which we understand has now been concluded to Chinese interests for a price at high US$ 12m.

Japanese owners c/o K-line are understood to have concluded the sale of their handymax M/V SALVIA (48,265 dwt 2000 blt Oshima) at a price a bit under US$ 14m to Greek buyers. We understand Owners were keen to get the sale concluded prior the end of the fiscal year.

In the handysize sector, Japanese controlled M/V DIAMOND GLORY (28,515 dwt 1997 blt Tsuneishi Zosen) has been sold this week for US$ 8.6m. to c/o Muhieddine Shipping (Syria). The vessel had originally been sold last month to Greek Buyers for US$ 9.2m, but the deal failed to materialise. Daiichi Chuo’s M/V OCEAN BELLE (32,130 dwt 1999 blt Saiki) understand is sold to undisclosed interests for a price close to US$ 10m.

Despite certain upgrades and positive news from analysts rating tanker stocks throughout the world the Sale and Purchase market has been a touch subdued. There are few sales to report this week.

The Chinese built M/T TORM UGLAND (73,708 dwt 2007 blt New Century) reported sold to Tanker Pacific for US$ 22.5m.  In a sale conditional upon award of employment under a tender in Chile, local buyers there have committed to buy on subjects the epoxy coated MR product carrier M/T MARCELA LADY (46,683 dwt 2004 blt 3 Maj) for US$ 21.5m. The IMO III product carrier M/T FRIENDSHIP T (40,395 dwt 1990 blt Yugoslavia) has been sold at auction to undisclosed buyers at US$ 4m.

In the Chemicals sector, the fully st/st M/T SC CHELSIA (26,664 dwt 2000 blt Fincantieri) has been sold for US$ 12.5m. The ship was marketed for sale on the open market last year but having seen insufficient offers the ship was eventually sold at auction to clients of Gabes, Tunisia.

 

 

NEWBUILDING  

Whilst the headline ordering in the gas market over the past twelve months has very much been in the LNG sector, this week we have seen a resurgence of ordering in the LPG sector with the penning of both small fully pressurised and midsize fully refrigerated vessels. Whilst the LNG market and especially the larger sizes filling the Yards big berths, the small to midsize LPG sector is showing some signs of resilience because of attractive pricing from Yards keen to fill early slots combined with relatively stable earnings. Also this week we have seen the number of container ships having been ordered so far this year being trebled to take the firm number of vessels ordered so far this year to the sum total of three Vessels! With the design houses in China spending a considerable amount of time now focusing on improving the smaller to mid-size designs not only in terms of fuel consumption, but also that of homogenous intake to nominal size, it will not be too much longer before we see others ordering in this important sector and allow the operators to enjoy the benefits of lower slot cost per TEU with improved efficiencies.

In terms of reported business; In Dry, clients of Diana Shipping have announced they have ordered a pair of Ice classed Panamax bulk carriers at Jiangnan Shipyard, China at a price of circa USD 29 Mill per vessel and due to deliver in 4Q 2013. We understand these vessels are ICE 1B ice classed. It has also been reported that the Tiawanese Owners China Steel Express Corp. have placed an order in Japan for one capesize bulk carrier at a price of USD 55.5 Mill. We understand this is a 180,000dwt unit and has been ordered at Universal shipyard.

In Wet, Scorpio Tankers are understood to have declared a further option at Hyundai Mipo for one additional 52,000dwt Product Tanker. This vessel is expected to deliver within 2013 and is the 8th vessel in the series contracted between the two parties.

In Gas, Exmar have announced they have ordered a series of 4+4 x 38,000cbm LPG carriers, whilst we understand there remain some details yet to be finalised, this order will see the firm vessels begin to deliver from Jan 2014 onwards. In addition to their order for 2 x 5,000cbm lpg carriers mentioned last week, we also understand Brave Maritime have ordered a further 2+2 x 6,500 LPG carriers again with the firm units due to deliver in 2014.

In the ferry market DSD Shipping have ordered a brace of 5,500 GT, LNG powered Ferries From the Polish Yard Remontowa for a reported USD 25 Mill per Vessel.

Finally in Containers, clients of Lomar Shipping are reported to have signed an order at Guangxhou Wenchong for 2+2+2 x 2,200 TEU container carriers. These vessels are provisionally scheduled to deliver from early 2014 onwards and are understood to have been ordered at a price of USD 26 Mill per vessel.

 

 

2012-03-27 09:28:31

S & P 

Two fresh sales from Sanko reported this week; the Panamaxes M/V SANKO ORION (75,603 dwt 2011 blt Oshima) at US$ 27.2m and her one year older sister M/V SANKO ODYSSEY (2010) at US$ 26.7m sold both to Zodiac. Another panamax sale is that of M/V MINING STAR (76,225 dwt 2005 blt Tsuneishi) which has gone to Greek buyers at US$ 21.25m.

A very interesting week for S+P market in tanker sector;

The two modern Aframaxes formerly owned by ETA, Dubai that were arrested in Singapore last August, namely M/T ARCTIC GALAXY and M/T LIBYAN GALAXY (105,475 dwt 2008 blt Hyundai) have been sold by BNP Paribas and have gone to Greek interests for US$ 32.25m each. On another sale the Aframax M/T CHAMPION POWER (105,083 dwt 1999 blt Samsung) has been sold to Greek buyers for US$ 11.5m which is in line with recent sales of similar tonnage. The two Japanese-owned MR (pump room type) product carriers M/T SABRINA EXPRESS (47,408 dwt 2009 blt Onomichi)and the M/T SUNNY EXPRESS (47,999 dwt 2004 blt Iwagi) reported sold again to Greek buyers at US$ 25.5m and US$ 16m respectively.

Finally, Navigator Gas has purchased from Petredec the modern sister LPGs DESERT ORCHID and DANCING BRAVE (abt 22,000 cbm 2009 blt Jiangnan) for US$ 26.25m each.

 

NEWBUILDING  

It has been a quiet week in the Newbuilding market with levels of new enquiry remaining relatively subdued. This is not to say however that the market has been devoid of activity and there have been further reports of new business being concluded in both the Dry Bulk sector in China and Gas Carrier sectors.

As has been previously mentioned in regards to the yards in China - due to the rapid expansion of its shipbuilding capacity over the past few years, the various yards are more and more having to come to terms with this market of limited demand. With this in mind, we have continued to see a softening of pricing as the yards try and bring about a new supply/demand equilibrium where owners will again begin ordering. However, with more of the yards beginning to suggest they are now offering berths at direct cost, it remains to be seen whether this pattern continues or whether a new round of consolidation begins amongst the yards, as the on going challenges of the current market further© takes its toll.

In Korea meanwhile, the major yards have continued to announce new business within the Offshore sectors and look to be making strong progress towards their order targets for the year. With Pacific Drilling for example now exercising its option at Samsung for its seventh ultra deepwater drillship, it© now means Samsung is close to having achieved 40% of its order target of 2012. With so much of the major yards revenues last year made up of these offshore projects, it continues to look like 2012, as predicted, will follow the same pattern.

In terms of reported business; In Dry, Samjin Shipyard are reported to have won an order from AsiaPacific 20 a Shipping fund for a pair of 58,000dwt Supramax Bulk Carriers. Although no contract price has been disclosed, these vessels are understood to be scheduled for delivery in 2014. Meanwhile Guangzhou Lanhai are understood to have placed an order at Taizhou Kouan/Catic for 10 x 51,000 handymax bulk carriers, although this order was in fact placed in January this year. Again pricing has not been disclosed, however we understand it was an RMB contract only and the vessels will deliver within 2013. In Gas, Stealthgas are understood to have placed an order at STX Shipbuilding for 2+2 x 5,000cbm LPG carriers at a price in the low USD20s Mill. The two frim vessels are understood to be due to deliver in 4Q 2013.

2012-03-26 09:50:58

Something old, something new, something borrowed something blue; these are the traditional accompaniments of the blushing bride as she walks down the aisle. Similar items could also be part of the marriage perhaps more likely civil partnership between ship owner and shipbuilder. Old ship, new ship, bank loan and something blue? Well, blue was usually the mood of the ship owner when his ship was delivered into a falling market.
Serial Relationships…
In reality the arrangements between ship owner and shipbuilder have tended to be more like serial relationships. A quick two year partnership saw shipbuilders provide the capacity to deliver what the ship owner wanted. As our Graph of the Week shows, from 1996 to 2003, when the total orderbook was 30-40m CGT, shipbuilders were able to deliver 40-50% of the orderbook each year. Owners got their ships fairly quickly; builders had a quick turnaround of work. There was mutual satisfaction.
A New Model…
But the new economic model in China was turning heads and owners started to order more and more ships. Over the next five years the orderbook increased by an average of a third each year to reach 200m CGT. The old shipyards struggled to keep up with the new model of demand. Despite their efforts in raising output from 20m to 40m CGT, the proportion of the orderbook delivered fell to 22% by 2008-09. The “quickie” relationship was now stretching to a demanding four years.
Reconciliation…
Shipbuilders had to bring something more to the party. The upshot was that the number of shipyards more than doubled between 2003 and 2009 to number 612. Of course, many were small or inexperienced or not up to speed, or indeed all three. Nevertheless, by 2010 they had started to deliver. Output reached 52m CGT in 2010 and was almost 50m CGT in 2011, equivalent to 30% and 33% of the orderbook respectively. And in 2012, we expect this to reach 38%, above average for the first time since 2002. But, of course, the orderbook is declining.
Breaking Up...
With the builders able to build up to 50m CGT per annum and an order book already down to 120m CGT, owners and builders may soon be able to get back to their old short term relationships. However, without an (unlikely) ongoing annual demand for c.50m CGT, some builders will inevitably be left on the shelf without partners. We witnessed such loneliness back in the 1980s, when hard decisions had to be taken about the break up of excess building capacity.
Satisfaction Solution
So, there you have it. There may be tough decisions ahead about shipbuilding capacity which have resulted from owners and builders stepping outside their preferred relationship. For most satisfaction they appear to be best kept short and serial. Have a nice day.

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