GDSA, S
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2011-12-19 09:08:39

As we move towards the festive period, the secondhand ship purchasing activity has started to ease off with demolition activity starting to bite for tankers and newbuilding business persisting hot for offshore units. Asset prices in the secondhand market give signs for further transactions to follow in the main vessel segments, bulk carriers and tankers, while newbuilding activity will be on the downside for the traditional vessel types in the forthcoming months.
The week ended with record lows of secondhand volume S&P transactions and quite firm newbuilding and demolition pace. The week closed with 23 transactions reported worldwide in the secondhand and demolition market, at similar previously weekly levels due to 114% increase in the demolition. At similar week in 2010, the total S&P activity was standing 22% higher than the current levels, when 28 transactions had been reported and secondhand ship purchasing activity was 30% lower than the ordering business. The highest activity has been recorded in the newbuilding market with 35 fresh orders reported worldwide, whereas the reported total deadweight sent for scrap is 147% higher than the ordered and the newbuilding business is up by 338% in comparison with the buying momentum in the secondhand market.

SECONDHAND MARKET
Notable deal of the week has been in the dry bulk market, the sale of a capesize unit of 169,159dwt built 2000, South Korea for $25 mil, when a similar unit of 171,075 dwt built 2004 was said to have been bought by the same buyer at $31,5 mil in the previous week.
Overall, 8 vessels reported to have changed hands this week at a total invested capital in the region of US$ 111.45 mil. In terms of the reported number of transactions, the S&P activity is down by 46% from last week’s activity, and down by 62% comparable with previous year’s weekly S&P activity when 21 vessels induced buyers’ interest at a total invested capital of about $500 mil with bulk carriers and tankers grasping 52% of the total volume of S&P activity. In terms of invested capital, the dry bulk carrier sector appears as the most overweight segment by attracting about 93% of the total amount of money invested.

NEWBUILDING MARKET
In the newbuilding market, the week ended with quite strong newbuilding momentum due to high offshore contracting activity by attracting 66% of the total number of orders reported worldwide. Overall, 35 new more transactions have been reported this week ,showing a 47% week-on-week decline, at a total deadweight of 409,900 tons. The total invested capital is estimated to be in excess of $1,08 billion with 57% of the total number of reported at an undisclosed contract price. At similar week in 2010, the ordering momentum was at quite similar levels, in terms of volume of transactions, standing 14% lower than the current business with 30 total contracts being recorded and bulk carriers holding 40% share.
In the bulk carrier segment, the contracting activity this week is very limited after the 19 transactions reported last week with Chinese players placing some new units. In the handysize segment, three 30,000dwt units reported to have been placed by Glory Ocean Shipping of China at domestic yard, Tsuji Jiangsu at an undisclosed contract price with delivery end 2012. In the panamax segment, Chinese owner Shenhua Zhonghai Shipping is planning to order eight units at domestic yards to be deployed in coastal trades for delivery in 2013-2014.
In the gas tanker segment, an outstanding order came to light in the LPG segment by Singapore based player, Kumiai Navigation, for a very large gas carrier of 82,000 cbm at Japan’s Kawasaki Heavy Industries with delivery at the end of 2013. The newbuilding price of the contract has not been officially confirmed with sources revealing that the unit will cost excess of $77 mil, but less than $80 mil.
In the multipurpose liner segment, state owned State Co for Maritime Transport of Iraq has placed an order for four 17,500 dwt multipurpose vessels in South Korea and China, at a cost of $24,5 mil each, with delivery in 2013-2014
In the container segment, a handysize order emerged by South Korean feeder liner Namung Shipping for three 1,850 TEU vessels at Hyundai Mipo Dockyard with delivery in the first half of 2013. The contract price has not been confirmed with sources suggesting an estimated cost of less than $30mil per unit.

DEMOLITION MARKET
In the demolition market, the scrapping activity has shown signs of firmness this week, while scrap prices are still squeezed downwards with Bangladesh demolition ban being still in effect. The Rupee remains weak against the dollar with scrap buyers offering $465/ldt for dry/general and $495/ldt for wet cargo. Pakistan has narrowed its price gap with Alang cash buyers, but it still struggles to attract vessels for beaching. China has improved its levels by attracting this week dry units at about $400/ldt. Market rumors for a late Bangladesh market upturn do not support a prompt spike in scrap levels; whereas the recent dry euphoria do not stimulate further vessels’ disposals in the capesize segment. In the tanker market, rumors circulated in the market for two more double hull VLCCs, built 1996 and 1998, being sent for disposal by Japanese shipping giant Mitsui OSK Lines (MOL). This decision describes the dire freight market and gives an incentive for other wet operators to follow in similar movements as a step to ease the oversupply pain.
The week ended with 15 vessels reported to have been headed to the scrap yards of total deadweight 1,011,574 tons. In terms of the reported number of transactions, the demolition activity has been marked with a 114% week-on-week increase and regarding the total deadweight sent for scrap there has been a 370% increase. In terms of scrap rates, the highest scrap rate has been achieved this week in the container segment by India for M/V “MSC MAHIMA” with 16,143/ldt at $517/ldt due to decent country built, non ferrous content and vessels equipment with full spares. India has attracted 53% of the total demolition activity with China winning 4 bulk carriers and one liner unit. At a similar week in 2010, demolition activity was down by 53% from the current levels, in terms of the reported number of transactions, 7 vessels had been reported for scrap of total deadweight 575,804 tons with tankers grasping 71.4% of the total number of vessels sent for disposal. India and Pakistan had been offering $440-445/ldt for dry and $475/ldt for wet cargo, while Bangladesh market had been inactive from the demolition scene.

GREEK PRESENCE
The week ended with Greek investors being absent from the newbuilding market, while in the secondhand market they have purchased an 11yrs old capesize unit, 14yrs old handymax and 2yrs old supramax at a total invested capital of $62,7 mil.

2011-12-12 09:21:31

The secondhand purchasing activity keeps firm for bulk carriers and tankers with some signs of interest for boxship units, while the scrapping momentum remains weak for the fourth and final quarter of the year with the Bangladesh market being inactive for six consecutive weeks. The newbuilding sentiment showed a record of activity this week surpassing the secondhand interest, whereas during November the secondhand buying activity was standing at higher levels.
The week closed with 22 transactions reported worldwide in the secondhand and demolition market, down by 37% from previous week and down by 52% from a similar week in 2010, when 46 transactions had been reported and secondhand ship purchasing activity was 79% lower than the ordering business. The highest activity has been recorded in the newbuilding market with 66 fresh orders reported worldwide, while the reported total deadweight sent for scrap is 17% lower than the ordered and the newbuilding business is up by 340% in comparison with the buying momentum in the secondhand market.

SECONDHAND MARKET
The week showed that shipping players are still keen for the purchase of modern and vintage secondhand units as asset prices are appealing low and offer wealthy investment opportunities for buyers who have realized that time seems right for selling or purchase a unit.
Notable deal of the week has been the aframax tanker resale of 104,280 delivery 2012 Japan at $43,5 mil to Greek buyers, when last February a tanker of 104,626dwt built 2011 Japan reported sold for $48,25 mil and in May 2010 a 107,488dwt unit built 2010 Japan had been sold for $58,75mil.
Overall, 15 vessels reported to have changed hands this week at a total invested capital in the region of US$ 258.55 mil. In terms of the reported number of transactions, the S&P activity is down by 42.3% from last week’s activity, and down by 50% comparable with previous year’s weekly S&P activity when 30 vessels induced buyers’ interest at a total invested capital of about $428 mil with bulk carriers and tankers grasping 33% and 20% respectively of the total volume of S&P activity. In terms of invested capital, the tanker sector appears as the most overweight segment by attracting about 53% of the total amount of money invested and bulk carriers to follow with 25%.

NEWBUILDING MARKET
In the newbuilding market, November showed a silent ordering momentum with the offshore business booming, while the year seems to end with weaker levels of contracting activity in the bulk carrier and tanker segment from 2010 and a renewed ordering interest in the LNG, container and offshore vessels. However, the second week of December closed with very firm newbuilding appetite for bulk carriers and tankers and a record newbuilding activity not seen since the beginning of November, showing a 288% remarkable weekly increase for 66 fresh orders reported worldwide at a total deadweight of 3,910,000 tons. The total invested capital is estimated to be in excess of $2,1 billion with 53% of the total number of reported at an undisclosed contract price. Bulk carriers are in the first rankings by holding 29% of the total contracting activity. Offshore vessels are again on the spotlight and tankers to follow by grasping 35% and 23% respectively of the total number of units ordered. At similar week in 2010, the ordering momentum was 120% higher with 99 total bulk carriers’ contracts being recorded and only 4 offshore vessels.
In the bulk carrier segment, notable order of the week has been the placement of a capesize order by Greek player, Polembros Shipping, for two 206,000 units at Shanghai Waigaoqiao for $53 mil each with delivery in 2013. Polembros signed an original two 206,000dwt vessels order at SWS in August this year. Furthermore, market rumors suggested that Minerva Maritime may have ordered two 176,000 dwt units from the same yard at $43 mil each, but the order has been denied by the owner. An order has also been revealed in the kamsarmax segment by a Chinese player, Qingdao Da Tong International at a domestic yard, Jinling, for three 82,000dwt units at an undisclosed contract price with delivery in 2013. Furthermore, China’s Shanghai Waigaoqiao has won its first kamsarmax orders by Singapore based player related to Chinese steel mill Rizhao Steel for two 82,000dwt newbuildings, plus two options, for delivery in 2013. Sources reveal that the owner is paying around $30,5 mil each for the units.
In the handysize segment, Arklow Shipping of Ireland, which is specialized in mini bulk carriers, made a step forward by ordering two 35,000dwt units from Daesun with delivery in 2013 at a price of region $25,5 mil each. In addition, Pyrsos Management of Greece has placed an order for six handysize unit of 37,000dwt in Jinling of China for delivery in 2013-2014.
In the tanker segment, Tomasos Brothers of Greece has placed a order for four product carrier units of 37,000 dwt at Chinese yard, Guangzhou, for $36 mil with delivery in 2013-2014. In the crude tanker segment, South Korean shipbuilder has won a shuttle tanker order from Knutsen NYK Offshore Tankers for a 112,000dwt, DP2-class vessel for delivery in 1h 2014 to service a long term charter with Exxon Mobil. Notable order of the week has been the announcement from China Rongsheng Heavy Industries for receiving a ten plus ten 157,000 dwt suezmax tankers order from Global Union Shipping with delivery the year end of 2013 and 2014 with a total estimated cost around $1,2 billion.
In the gas tanker segment, Maran Gas Maritime, the gas carrier arm of the Greece based Angelicoussis Shipping Group, has exercised its options with Hyundai Heavy Industries for two more LNG units at $200 mil per vessel for delivery in December 2014 and April 2015. Maran had also ordered five similar sized LNG carriers from another South Korean shipyard, Daewoo Shipbuilding. The two South Korean shipyards, DSME and HHI, had signed a letter of intent in June 2011 to build eight gas carriers for Maran Gas, including an option for four more units, at an expected cost of $1,6 billion. Furthermore, rumors have been circulated in the market that Greek owner Dynacom has converted its VLCC newbuildings into LNG carriers, but this movement has not been confirmed by the owners. It has been revealed that the owner is under discussions with Hyundai Heavy Industries to swap one of its VLCCs on order for a LNG unit, but no agreement has been reached yet.
In the container segment, China Shipping Container Lines has declared options for four post panamax containerships of 10,000 TEU, from an earlier order placed in October for eight similar units, as an order split equally between two Chinese yards, Dalian Shipbuilding Industry and Hudong Zhonghua. Additionally, Israel based Ofer Brother is behind a large panamax order for two 6,600 TEU ships for delivery starting in 2013 at China’s Jiangsu Rongsheng Heavy Industries, the order is said to have been placed some time ago and now came to light.
In the offshore segment, South Korea’s Daewoo Shipbuilding and Marine Engineering is in discussion with Brazil’s Petrobras for a huge ordering of 21 drilling vessels and semi-submersible rigs.

DEMOLITION MARKET
In the demolition market, the weakened rupee against U.S. dollar along with the ban on Bangladesh Ship recycling industry have kept scrap price levels offered in the Indian subcontinent region weak as India is in strong competition with Pakistan. Offers for dry units by scrap buyers are around $450-$460/ldt with China paying less than $400/ldt, while levels for wet units have fallen below $500/ldt. In terms of volume of tonnage sent for scrap, there has been a stronger appetite due to intense scrapping removals in the tanker segment and some sense of activity for boxship units. Bangladesh market remains closed until December 14th, when is the next hearing with rumors whispering that there will be no new extension order till the end of January.
The week ended with 7 vessels reported to have been headed to the scrap yards of total deadweight 215,192 tons. In terms of the reported number of transactions, the demolition activity has been marked with a 22% week-on-week decline and regarding the total deadweight sent for scrap there has been a 27.5% decline. In terms of scrap rates, the highest scrap rate has been achieved this week in the dry bulk carrier sector by India for M/V “ARWEX” with 5,615/ldt at $490/ldt including a significant amount of non ferrous metals. India has attracted 57% of the total demolition activity with China winning 2 container vessels and one Ro-Ro cargo unit. At a similar week in 2010, demolition activity was up by 129% from the current levels, in terms of the reported number of transactions, 16 vessels had been reported for scrap of total deadweight 858,141 tons with tankers grasping 56% of the total number of vessels sent for disposal. India and Pakistan had been offering $440-450/ldt for dry and $480/ldt for wet cargo, while Bangladesh market had been inactive from the demolition scene.

GREEK PRESENCE
The week ended with firm investments of Greek players in the newbuilding market with in the bulk carrier, tanker and gas tanker segments. In the bulk carrier segment, Polembros Shipping has placed an order for two capesize units of 206,000dwt in Shanghai Waigaoqiao for delivery in 2013 at a price region $53 mil and Pyrsos Managing Co. has ordered six handysizes of 37,000 dwt in Jinling at an undisclosed contract price. In the tanker segment, Tomasos Brothers has ordered four 37,000dwt product cariers in Shanghai Waigaoqiao, while Maran Gas Maritime Inc. has declared an option for two LNG units of 159,800 cu.m in Hyundai Samho at $200 mil each. The total amount of money invested by Greek owners is estimated to be at $650 mil for 14 total number of units ordered, while in the secondhand market about $86,3 mil for the purchase of a modern capesize and 15yrs old handysize unit in the bulk carriers segment and one aframax resale.

2011-11-28 15:24:21

The week closed with 23 transactions reported worldwide in the secondhand and demolition market, down by 14.8% from previous week and down by 17.8 % from a similar week in 2010, when 28 transactions had been reported and secondhand ship purchasing activity was 64% lower than the ordering business. Currently, the highest activity has been recorded in the newbuilding market with 21 orders reported in the offshore business, while the volume of second hand activity is 38% lower than the newbuidling business.

SECONDHAND MARKET
Again the buying momentum was towards modern units, in all sectors that sales have been reported. Bulkcarriers and tankers continue to attract most investment interest, while these sectors have remained quiet in the newbuilding side. Bulk carriers and tankers have attracted the lion share by holding 23% and 46.15% respectively of this week’s total volume of S&P activity.
Overall, 13 vessels reported to have changed hands this week at a total invested capital in the region of US$ 190.55 mil. In terms of the reported number of transactions, the S&P activity is down by 41% from last week’s activity, and down by 27.7% comparable with previous year’s weekly S&P activity when 18 vessels induced buyers’ interest with bulk carriers grasping 55.5% of the total volume of S&P activity. In terms of invested capital, the tanker sector appears as the most overweight segment by attracting about 52.24% of the total amount of money invested and bulk carriers to follow with 26%.

NEWBUILDING MARKET
While reaching the end of November, the newbuilding activity seems to move on a quieter pace comparing on how the month started. Overall we had a 31% increase comparing to last week in the orders reported, with only the Special sector demonstrating its strength through the offshore business. Overall, the week closed with 21 fresh orders reported worldwide at a total deadweight of region 103,200 tons, while the activity is down by 58% from similar week’s closing in 2010, when 50 vessels had been reported worldwide at a total deadweight of 2,871,652 tons. Bulk carriers and tankers were the active sectors back then, with bulkcarriers holding a 60% and tankers a 20% of the total ordering activity. The total amount invested for newbuilding units is difficult to be estimated as 19 of the 21 orders were contracted in private terms, however the sixteen orders contracted by Hornbeck Offshore at US yards is valued at $ 720 mil.

DEMOLITION MARKET
In the demolition market, the slide in the price levels offered in the Indian subcontinent region persists with the Bangladesh ban on the import of ships for scrapping leaving limited opportunities for a prompt spike by the main demo countries. The death of one more worker at a Prime Group scrap yard located in Sitakunda part of Chittagong, the 16th worker to have died at the scrap yards of the major shiprecycling nation since September 17th, does not alleviate the recent situation and adds further pressure for a Bangladeshi return in the demolition scene during December. The demolition activity in India and Pakistan is on the downside, while China is struggling to win some units at levels offered lower than $400/ldt. This week, one small asphalt tanker with 2,066ldt has been headed in North China at $384/ldt, M/T “BLACK JADE” with one more deal to follow from the same owners, M/T “BLACK PEARL” of 2,262 ldt on the conclusion of the first sale.
The week ended with 10 vessels reported to have been headed to the scrap yards of total deadweight of just 377,425 tons. In terms of the reported number of transactions, the demolition activity has been marked with a 100% week-on-week increase and regarding the total deadweight sent for scrap there has been a 152, 37 % increase. In terms of scrap rates, the highest scrap rate has been achieved this week in the tanker sector by Pakistan for a tanker of 136,055 dwt “FRONT DELTA” with 23,190/ldt at $520/ldt. India attracted 50% and China followed with 30% of the total demolition activity. At a similar week in 2010, demolition activity was at same levels with the current levels, in terms of the reported number of transactions, 10 vessels had been reported for scrap of total deadweight 316,905 tons with scrapping activity in the tanker and general cargo being most popular.

GREEK PRESENCE
Greek investments were noticed this week only in the secondhand sector with 1 transaction in the handysize bulkcarrier segment and 3 in the tanker segment. The total amount of money invested for secondhand units is estimated to be at region of $36.15 mil, while in the newbuilding market no business has been revealed.

2011-11-21 13:53:19

For second consecutive week, the secondhand buying momentum is on the frontline with newbuilding and demolition transactions floating at record low yearly levels. The highest activity has been recorded in the secondhand market with 22 S&P transactions reported worldwide, while the newbuilding business is down by 27.2% in comparison with the buying momentum in the secondhand market and the demolition activity is standing 77% lower than the volume of S&P activity.
The week closed with 27 transactions reported worldwide in the secondhand and demolition market, up by 35% from previous week and down by 35.7% from a similar week in 2010, when 42 transactions had been reported and secondhand ship purchasing activity was 25% higher than the ordering business.

SECONDHAND MARKET
The buying interest for secondhand modern and vintage units keeps very robust amid economic turmoil as asset prices are appealing low and investors seem to not loose the buying opportunities that emerge in the dry and wet segment. Bulk carriers and tankers have monopolized buyers’ appetite with bulk carriers of all sizes and ages being on the spotlight and MR tanker units being of high interest. Bulk carriers and tankers have attracted the lion share by holding 36% and 41% respectively of this week’s total volume of S&P activity. Notable deal of the weak has been the container market, the en-bloc sale of two large panamax size units of 5,872 TEU built 2004 Korea reported sold on subjects for $45 mil each, including 5 years time charter back at $25,000/day. In the wet market, the industry experienced one more disposal in the VLCC segment, M/T “EAGLE VALENCIA” of 306,999dwt built 2005 South Korea at a price region of $53 mil on subjects. In the bulk carrier segment, two kamsarmax resales reported to have gone to Greek hands at a price region $32-$33 mil.
Overall, 22 vessels reported to have changed hands this week at a total invested capital in the region of US$ 376,75 mil, one transaction reported at an undisclosed sale price. In terms of the reported number of transactions, the S&P activity is up by 22.7% from last week’s activity, and down by 37% comparable with previous year’s weekly S&P activity when 35 vessels induced buyers’ interest with bulk carriers and tankers grasping 54% and 20% share respectively of the total volume of S&P activity. In terms of invested capital, tankers appear as the most overweight segment by attracting about 44.6% of the total amount of money invested and bulk carriers to follow with 27.7%.

NEWBUILDING MARKET
For second consecutive week, no business has been revealed in the tanker and container vessels segments, with special projects grasping 69% of the total volume of ordering activity. In the bulk carrier segment, some activity has been revealed in the handysize segment by an undisclosed owner in a Korean yard, while a notable order has been reported in the capesize segment by a Singapore player, The-Hu, in a Chinese yard at a price region $53 mil with delivery in 2013. The significant slowdown of newbuilding business, during the last two weeks, gives positive signals in the already distressed vessels’ supply picture and brings renewed hopes that the market uncertainty seems to have refrained significantly the ordering momentum.
Overall, the week closed with 16 fresh orders reported worldwide at a total deadweight of 285,000 tons, posting a 100 % week-on- week rise, while is down by 79% from similar week’s closing in 2010, when 28 vessels had been reported worldwide at a total deadweight of 1,228,200 tons. Bulk carriers are holding only 18.7% of this week’s newbuilding business compared with a 39% share a year ago. The total amount invested for newbuilding units is difficult to be estimated as 69% of this week’s newbuilding business has been reported at an undisclosed contract price. The amount invested in the bulk carrier segment is region $103mil, when last week was $144 mil for six newbuilding orders.

DEMOLITION MARKET
In the demolition market, the scrapping momentum remains subdued with price levels still floating below $500/ldt for dry /general cargo and Bangladesh being out of the scene. Pakistan and India are competing at the same levels offered with India winning every week the lion share of the activity, while Chinese scrap buyers are offering very low levels to bridge the gab with the Indian Subcontinent region, $350/ldt for dry/general and $375/ldt for wet cargo. In Bangladesh, the court hearing for the market extension failed to take place on November 13th and the shipbreaking nation now expects the new outcome of the hearing that would take place on November 20th. Bulk carriers have lost their strength as popular scrap candidates with only three units reported to have been headed to the scrap yards of India this week, while the scrapping momentum for wet units remains poor even demo countries are still offering quite firm levels $500/ldt.
The week ended with 5 vessels reported to have been headed to the scrap yards of total deadweight 149,554 tons with some scrapping activity revealed in the bulk carrier and tanker segment. In terms of the reported number of transactions, the demolition activity has been marked with 67% increase from previous weekly levels and 230% rise in the total deadweight sent for scrap. In terms of scrap rates, the highest scrap has been achieved this week for an en-bloc scrap deal in the tanker segment for two small/handysize units of about 13,000 dwt built 1982 with 3,891ldt achieved $726/ldt for India including 250 tons stainless steel and
100 tons cladded. India remains in the frontline by grasping this 80% of this week’s total demolition activity. At a similar week in
2010, demolition activity was up by 40% from the current levels, in terms of the reported number of transactions, 7 vessels had been reported for scrap of total deadweight 122,630 tons with bulk carriers and tankers holding 57% of the total demolition activity. India and Pakistan had been offering $425-430/ldt for dry and $455-$465/ldt for wet cargo, while Bangladesh market had been inactive from the demolition scene.

GREEK PRESENCE
Greek investors showed a strong presence this week in the secondhand market with 2 purchases in the bulk carrier segment for two kamsarmax and one panamax, 1 MR unit in the tanker segment and one en-bloc deal of two large panamax container units. Their total amount of money invested for secondhand units is estimated to be at region of $193,25 mil, while in the newbuilding market no business has been revealed.

2011-10-31 09:13:12

The week ended with intense newbuilding business, fairly firm secondhand ship purchasing activity and scrapping momentum hovering at lower weekly transactions, while the highest activity has been recorded in the newbuilding market.
Overall, the secondhand ship purchasing activity is down by 58.3% in comparison with the ordering momentum, while the demolition activity is 77% down from the total number of orders reported and down by 46% from the secondhand ship purchasing activity.
The week closed with 23 transactions reported worldwide in the secondhand and demolition market, down by 52% from previous week and 25.8% from a similar week in 2010, when 31 transactions had been reported and secondhand ship purchasing activity was 20% lower than the ordering business.

SECONDHAND MARKET
The secondhand ship purchasing activity is standing at lower weekly levels due to non revealed purchasing momentum in the container market and one S&P transaction concluded in the gas sector. Notable deal of the week has been the resale for a VLOC of 297,500dwt for delivery in 2012 at $75 mil to Chinese buyers. The vessel is said to have been ordered by Mitsubishi on behalf of the Korea Line Corp of South Korea, filling for bankruptcy earlier this year. Mitsubishi is said to have made a huge loss on the resale deal as the unit was ordered on the boom of the market for slightly less than $100 mil. In the tanker market, two more VLCC sales came to light this week at a similar price levels concluded of last week, reported again to Greek buyers. Saga Tankers, under the negative freight environment for very large crude carriers, has decided to sell its two remaining VLCCs of their fleet, M/T “SAGA JULIE” and M/T “SAGA AGNES” of a299,000 dwt built 2000 at a price of $31,1 mil each.
The week ended with firm activity bulk carriers and tankers by holding 80 % of this week’s total volume of reported secondhand transactions. Overall, 15 vessels reported to have changed hands this week at a total invested capital in the region of US$ 270,2 mil, two transactions reported at an undisclosed sale price. In terms of the reported number of transactions, the S&P activity is down by 56% from last week’s activity, and down by 25% comparable with previous year’s weekly S&P activity when 20 vessels induced buyers’ interest with bulk carriers grasping 60% share of the total volume of S&P activity. In terms of invested capital, bulk carriers and tankers are on the spotlight this week by attracting almost 95% of total amount of money.

NEWBUILDING MARKET
The week ended with the newbuilding sentiment being at quite firm levels with no contracting activity for a second week in the container market. The ordering business in the offshore segment continues with platform supply vessels being on spotlight, while the primary two main segments, bulk carriers and tankers, have grasped 31% and 22% respectively of the total number of units ordered. In the LNG segment, the ordering spree seems to have no end with 4 more fresh LNG units ordered this week in South Korean yards. What is noteworthy is some uncovered business that came to light this week again by Japanese shipbuilding industry in the bulk carrier segment for panamax and capesize units, with no further details emerging for the contractor owner or the newbuilding price. In the past, we revealed some hidden Japanese newbuilding business that pushed the newbuilding momentum to higher levels of activity, but this week we decided to not report these contracts due to the misguidance they create for the firmness of the ordering momentum. Furthermore, some activity has been noticed by Chinese yards for bulk carriers, panamax and kamsarmax size, but the contractor owner has not been yet revealed and we remain cautious before reporting them.
Overall, the week closed with 36 fresh orders reported worldwide at a total deadweight of 3,966,600 tons, posting a 125 % week- on-week increase due to 175% higher activity in the bulk carrier segment and 8 fresh tanker orders. This week’s total newbuilding is up by 44% from similar week’s closing in 2010, when 25 fresh orders had been reported with bulk carriers, tankers and containers grasping 36%, 24% and 32% share respectively of the total ordering activity. In terms of invested capital, the total amount of money invested is estimated at region $1,16 billion with 58% of the total number of orders being reported at an undisclosed contract price. The most overweight segment appears to be the LNG market by grasping about 74,5% of the total invested capital this week.
In the bulk carrier segment, a post-panamax order has been revealed by Archer Daniels Midland of USA for the placement of three 95,000 dwt units in Oshima shipbuilding of Japan for delivery in 2014 at a price of $36 mil each. The vessels are designed to reduce carbon emissions by 25% compared to today’s modern units.
In the tanker segment, new ordering business came to light in the crude market with the placement of new units in Korean yards. SK Shipping of South Korea has placed an order for three VLCCs of 319,000 dwt in Hyundai at an estimated price of region $100-
$102 mil with delivery in 2013, while Geden Lines of Turkey has ordered three aframax units of 115,900 dwt in Samsung for
delivery in 2013-2014.
In the gas market, Stena Bulk of Sweden is said to have ordered four LNG units with Daewoo and Samsung of South Korea at a total cost of $870 mil with delivery in 2014-2015. The two LNG units with gas capacity excess of 170,000 cu.m are estimated to cost $217-$220 mil each, while the other two of 160,000 cu.m are contracted at a price region of $215 mil each.

DEMOLITION MARKET
In the demolition market, the scrapping business has slowed down in the last month with demo countries offering levels below $500/ldt for dry/general and excess $500/ldt for wet cargo. The granting of official extension of Bangladeshi ship-recycling industry is pending, while India remains the key demo player. Pakistan succeeded no deals this week, even though it has narrowed the price gab with the Indian subcontinent region, and Chinese scrap buyers won two demo deals after their return from National holidays by offering $430/ldt for dry and $450/ldt for wet cargo. In the wet market, scrap levels offered by Alang buyers are still very competitive for some units in excellent condition.
The week ended with 8 vessels reported to have been headed to the scrap yards of total deadweight 249,561 tons. In terms of the reported number of transactions, the demolition activity has been marked with a 43% week-on-week decline and regarding the total deadweight sent for scrap there has been a 71% decrease. The dropdown of scrapping business is due to a 20% and 60% lower momentum for bulk carrier and tankers disposals respectively. In terms of scrap rates, the highest scrap came to light this week in the tanker sector by India for a tanker of 16,420 dwt “CHINA SPIRIT” with 6,220/ldt at $580/ldt, the price is said to be based on saleable machinery and the country built of the vessel. India remains in the first rankings by attracting 50% of the total demolition activity. At a similar week in 2010, demolition activity was up by 37.5% from the current levels, in terms of the reported number of transactions, 11 vessels had been reported for scrap of total deadweight 443,712 tons with scrapping activity in the bulk carrier and tanker segment being subdued, 5 scrapped units in total. India and Pakistan had been offering $410-420/ldt for dry and $440-$450/ldt for wet cargo, while Bangladesh market had been inactive from the demolition scene.

GREEK PRESENCE
In the newbuilding market, Greek player, Oceanmaris Management, has placed an order for four supramax units of 57,000dwt in Cosco Zhoushan of China for delivery in 2013, at a cost of $29 mil each. In the tanker market, EastMed has confirmed an order for two 52,000dwt units in SPP Shipbuilder of South Korea at $35,5 mil each. The total amount of money invested by Greek owners for newbuilding business this week is estimated to be at $187 mil for a total deadweight ordered of 332,000 tons in contrast with $118,3 million invested in the secondhand market for the acquisition of two VLCCs, one small chemical tanker and two bulk carriers.

2011-10-26 09:31:37

The week ended with intense newbuilding business, fairly firm secondhand ship purchasing activity and scrapping momentum hovering at lower weekly transactions, while the highest activity has been recorded in the newbuilding market.
Overall, the secondhand ship purchasing activity is down by 58.3% in comparison with the ordering momentum, while the demolition activity is 77% down from the total number of orders reported and down by 46% from the secondhand ship purchasing activity.
The week closed with 23 transactions reported worldwide in the secondhand and demolition market, down by 52% from previous week and 25.8% from a similar week in 2010, when 31 transactions had been reported and secondhand ship purchasing activity was 20% lower than the ordering business.

SECONDHAND MARKET
The secondhand ship purchasing activity is standing at lower weekly levels due to non revealed purchasing momentum in the container market and one S&P transaction concluded in the gas sector. Notable deal of the week has been the resale for a VLOC of 297,500dwt for delivery in 2012 at $75 mil to Chinese buyers. The vessel is said to have been ordered by Mitsubishi on behalf of the Korea Line Corp of South Korea, filling for bankruptcy earlier this year. Mitsubishi is said to have made a huge loss on the resale deal as the unit was ordered on the boom of the market for slightly less than $100 mil. In the tanker market, two more VLCC sales came to light this week at a similar price levels concluded of last week, reported again to Greek buyers. Saga Tankers, under the negative freight environment for very large crude carriers, has decided to sell its two remaining VLCCs of their fleet, M/T “SAGA JULIE” and M/T “SAGA AGNES” of a299,000 dwt built 2000 at a price of $31,1 mil each.
The week ended with firm activity bulk carriers and tankers by holding 80 % of this week’s total volume of reported secondhand transactions. Overall, 15 vessels reported to have changed hands this week at a total invested capital in the region of US$ 270,2 mil, two transactions reported at an undisclosed sale price. In terms of the reported number of transactions, the S&P activity is down by 56% from last week’s activity, and down by 25% comparable with previous year’s weekly S&P activity when 20 vessels induced buyers’ interest with bulk carriers grasping 60% share of the total volume of S&P activity. In terms of invested capital, bulk carriers and tankers are on the spotlight this week by attracting almost 95% of total amount of money.

NEWBUILDING MARKET
The week ended with the newbuilding sentiment being at quite firm levels with no contracting activity for a second week in the container market. The ordering business in the offshore segment continues with platform supply vessels being on spotlight, while the primary two main segments, bulk carriers and tankers, have grasped 31% and 22% respectively of the total number of units ordered. In the LNG segment, the ordering spree seems to have no end with 4 more fresh LNG units ordered this week in South Korean yards. What is noteworthy is some uncovered business that came to light this week again by Japanese shipbuilding industry in the bulk carrier segment for panamax and capesize units, with no further details emerging for the contractor owner or the newbuilding price. In the past, we revealed some hidden Japanese newbuilding business that pushed the newbuilding momentum to higher levels of activity, but this week we decided to not report these contracts due to the misguidance they create for the firmness of the ordering momentum. Furthermore, some activity has been noticed by Chinese yards for bulk carriers, panamax and kamsarmax size, but the contractor owner has not been yet revealed and we remain cautious before reporting them.
Overall, the week closed with 36 fresh orders reported worldwide at a total deadweight of 3,966,600 tons, posting a 125 % week- on-week increase due to 175% higher activity in the bulk carrier segment and 8 fresh tanker orders. This week’s total newbuilding is up by 44% from similar week’s closing in 2010, when 25 fresh orders had been reported with bulk carriers, tankers and containers grasping 36%, 24% and 32% share respectively of the total ordering activity. In terms of invested capital, the total amount of money invested is estimated at region $1,16 billion with 58% of the total number of orders being reported at an undisclosed contract price. The most overweight segment appears to be the LNG market by grasping about 74,5% of the total invested capital this week.
In the bulk carrier segment, a post-panamax order has been revealed by Archer Daniels Midland of USA for the placement of three 95,000 dwt units in Oshima shipbuilding of Japan for delivery in 2014 at a price of $36 mil each. The vessels are designed to reduce carbon emissions by 25% compared to today’s modern units.
In the tanker segment, new ordering business came to light in the crude market with the placement of new units in Korean yards. SK Shipping of South Korea has placed an order for three VLCCs of 319,000 dwt in Hyundai at an estimated price of region $100-$102 mil with delivery in 2013, while Geden Lines of Turkey has ordered three aframax units of 115,900 dwt in Samsung for delivery in 2013-2014.
In the gas market, Stena Bulk of Sweden is said to have ordered four LNG units with Daewoo and Samsung of South Korea at a total cost of $870 mil with delivery in 2014-2015. The two LNG units with gas capacity excess of 170,000 cu.m are estimated to cost $217-$220 mil each, while the other two of 160,000 cu.m are contracted at a price region of $215 mil each.

DEMOLITION MARKET
In the demolition market, the scrapping business has slowed down in the last month with demo countries offering levels below $500/ldt for dry/general and excess $500/ldt for wet cargo. The granting of official extension of Bangladeshi ship-recycling industry is pending, while India remains the key demo player. Pakistan succeeded no deals this week, even though it has narrowed the price gab with the Indian subcontinent region, and Chinese scrap buyers won two demo deals after their return from National holidays by offering $430/ldt for dry and $450/ldt for wet cargo. In the wet market, scrap levels offered by Alang buyers are still very competitive for some units in excellent condition.
The week ended with 8 vessels reported to have been headed to the scrap yards of total deadweight 249,561 tons. In terms of the reported number of transactions, the demolition activity has been marked with a 43% week-on-week decline and regarding the total deadweight sent for scrap there has been a 71% decrease. The dropdown of scrapping business is due to a 20% and 60% lower momentum for bulk carrier and tankers disposals respectively. In terms of scrap rates, the highest scrap came to light this week in the tanker sector by India for a tanker of 16,420 dwt “CHINA SPIRIT” with 6,220/ldt at $580/ldt, the price is said to be based on saleable machinery and the country built of the vessel. India remains in the first rankings by attracting 50% of the total demolition activity. At a similar week in 2010, demolition activity was up by 37.5% from the current levels, in terms of the reported number of transactions, 11 vessels had been reported for scrap of total deadweight 443,712 tons with scrapping activity in the bulk carrier and tanker segment being subdued, 5 scrapped units in total. India and Pakistan had been offering $410-420/ldt for dry and $440-$450/ldt for wet cargo, while Bangladesh market had been inactive from the demolition scene.

GREEK PRESENCE
In the newbuilding market, Greek player, Oceanmaris Management, has placed an order for four supramax units of 57,000dwt in Cosco Zhoushan of China for delivery in 2013, at a cost of $29 mil each. In the tanker market, EastMed has confirmed an order for two 52,000dwt units in SPP Shipbuilder of South Korea at $35,5 mil each. The total amount of money invested by Greek owners for newbuilding business this week is estimated to be at $187 mil for a total deadweight ordered of 332,000 tons in contrast with $118,3 million invested in the secondhand market for the acquisition of two VLCCs, one small chemical tanker and two bulk carriers.

2011-10-17 13:13:24

The week ended with the highest level of activity being recorded in the secondhand market, lower levels of newbuilding activity and firmer volume of demolition transactions.
Overall, the secondhand ship purchasing activity is up by 113% in comparison with the ordering momentum, while the demolition activity is 12.5% down from the total number of orders reported and down by 58.8% from the secondhand ship purchasing activity.
The week closed with 48 transactions reported worldwide in the secondhand and demolition market, up by 17% from previous week and up by 26.3% from a similar week in 2010, when 38 transactions had been reported and secondhand ship purchasing activity was 82% higher than the ordering business.

SECONDHAND MARKET
The secondhand ship purchasing activity is standing at remarkable high levels despite the economic turmoil and the tight European bank lending. Strong levels of acquisitions have been reported not only in the bulk carrier and tanker segment, but also in the gas and container market with significant enbloc deals. Notable deals of this week have been two sales in the VLCC segment that justify once more the falling asset values in this vessel size. It has been reported that M/T “SKY WING” of 299,997dwt built 2002 Japan changed hands for $34,5 mil, when in April 2010 a similar vessel of 298,920 dwt built 2000 Japan had been reported sold for $62 mil each.
The week ended with firm activity in all main segments, bulk carriers, tankers, gas tankers and containers, with tankers grasping the lion share by holding 29.4 % of this week’s total volume of reported secondhand transactions. Overall, 34 vessels reported to have changed hands this week at a total invested capital in the region of US$ 2,07 billion, two transactions reported at an undisclosed sale price. In terms of the reported number of transactions, the S&P activity is up by 9.6% from last week’s activity, due to strong enbloc deal in the LPG segment, and up by 9.6% comparable with previous year’s weekly S&P activity when 31 vessels induced buyers’ interest with bulk carriers and tankers grasping 74% share of the total volume of S&P activity. In terms of invested capital, gas tankers attracted most of the invested capital, about 68% of the total amount invested, due to the enbloc deal of 8 modern for about $1,4 billion, while tankers are in the second rankings by grasping 13.5% of the total invested capital and bulkers 8.9%.

NEWBUILDING MARKET
The week ended with the newbuilding business showing lower levels of contracting activity from previous week’s high levels of 51 new orders. Offshore vessels have been the most popular newbuilding investments with bulk carriers posting a 79% week-on-week decline of ordering volume, no emerged deals in the container market and fresh activity in the LPG segment. Overall, the week closed with 16 fresh orders reported worldwide at a total deadweight of 181,850 tons, posting a 68.6 % week-on-week decline. This week’s total newbuilding business is in close parity with similar week’s closing in 2010, when 17 fresh orders had been reported with bulk carriers grasping 41% share respectively of the total ordering activity. In terms of invested capital, the total amount of money invested is estimated at region $405 mil with 69% of the total number of orders being reported at an undisclosed contract price. The offshore units along with LPG carriers seem to have attracted most of the invested capital.
In the bulk carrier segment, an order has been emerged by the Turkish player, Ciner Group, for the construction of a new fuel efficient design at China’s Sinopacific Shipbuilding, constructed at the group’s Dayang facility. The Turkish group has said that it has signed a contract for four 63,000 dwt bulker, but the yard suggests that the deal includes an option for two more units. No prices has been revealed, but market sources suggest that the vessels, which are a new Crown 63 design, are costing below $30 mil each with first delivery in August 2012. Furthermore, one order came to light for an ordering spree of 10 76,000dwt panamax bulkers by Chinese coal shipper Guangdong Lanhai Shipping in Chinese Zhoushan based Yangfan Group, but it is not a fresh order as a source close to the deal confirms that the contract has been booked during the first half of this year.
In the tanker segment, one more MR order came to light by East Med of Greece for two 52,000dwt product tankers in SPP Shipbuilding of South Korea at a price of $35,5 mil each for delivery in 2012, with an option for two more units.
In the gas market, there was finally some ordering activity in the LPG segment with Pertamina of Indonesia confirming an order for one 84,000 cu.m unit in Hyundai at a price of $79,5mil with delivery in 2013, while KSS line of South Korea is said to have signed a contract with a South Korean yard for the construction of a 35,000 cu.m unit at a price of $49 mil with a long term charter to Mitsui
& Co.
In the offshore sector, the activity grasped this week’s lion share of newbuilding unit with 8 units reported to have been ordered,
62.5% of the volume being contracted for platform supply vessels.

DEMOLITION MARKET
In the demolition market, a firmer volume of scrapping activity came to light from last weeks’ weak levels. The downward revision of scrap prices for the dry/general cargo continues for a second consecutive week with India and Bangladesh paying $495/ldt, China $430/ldt and Pakistan being one breath from the Indian subcontinent region by offering $490/ldt. Some deals have been emerged the last days in the Bangladesh market, but there is still no official extension of the last market’s deadline on October 12th. In the meantime, Bangladesh has announced its plans for the creation of a “Ship Building / Ship Recycling Board” service under the Ministry of Industries that will be responsible for monitoring the import of ships of recycling in Bangladesh. In the wet market, scrap levels keep their pace with India and Bangladesh paying $525/ldt. Pakistan seems to have regained its power by picking up again
wet units, while in China business has slowed down due to the National October holidays underway.
The week ended with 14 vessels reported to have been headed to the scrap yards of total deadweight 874,228 tons. In terms of the reported number of transactions, the demolition activity has been marked with a 40% week-on-week increase and regarding the total deadweight sent for scrap there has been a 190% increase. In terms of scrap rates, the highest scrap rate has been achieved this week in the tanker sector by Pakistan for a tanker of 91,717 dwt “NOSTOS” with 13,592/ldt at $540/ldt, while in the dry sector India has paid $540/ldt for a container of 40,379 dwt “MSC AURELIE”. India and Pakistan have attracted 57% of the total demolition activity. At a similar week in 2010, demolition activity was down by 50% from the current levels, in terms of the reported number of transactions, 7 vessels had been reported for scrap of total deadweight 36,623 tons with no scrapping activity in the bulk carrier and tanker segment, with India and Pakistan offering $435-410/ldt for dry and $465-%440/ldt for wet cargo.

GREEK PRESENCE
Greek owners continue their secondhand purchasing plans, whereas in the newbuilding market remain more skeptical with only two units rumored to be ordered this week in the MR tanker segment of 52,000 dwt in South Korean SPP Shipbuilding yard at a price of $35,5 mil each for delivery in 2012. In the secondhand market, Greeks concluded 2 acquisitions in the bulk carrier segment, 2 in the tanker and an enbloc 6 units’ deal in the container segment. The total invested capital of Greek owners in the secondhand market is estimated to be this week at region $309,9 mil, whereas in the newbuilding market $71 mil.

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