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Ship Owners Take A Breather From New Ship Acquisitions

Wednesday, 28 March 2018 | 00:00

Following some rather active start to the new year, ship owners have started to ease from committing additional funds to newbuilding contracting or second hand acquisitions. In its latest weekly report, shipbroker Allied Shipbroking noted that “it looks as though things may have eased back slightly this past week on the newbuilding front, with less than a hand full of new orders coming to light. Nevertheless, it looks as though keen interest is still there, especially for the more specialized vessel types and the higher profile / larger size sectors. The aspect taking center stage continues to be the tanker market, where we have been seeing a completely opposite picture of what we have been seeing in the second hand and demolition markets. The number of new orders coming through continues to climb at a slow but steady pace, despite the fact that there has been minimal activity to talk about in terms of second hand sales for further trading as well as a considerable amount of vessels being retired and sent to be beached. At the same time, the dry bulk front has been showing a softer face, with only a few orders being seen, despite the considerably improved freight market performance still being seen”.

In a separate newbuilding note this week, Clarkson Platou Hellas commented that “in tankers, clients of Kyklades Maritime have extended their series of 319,000 DWT VLCCs at Hyundai Heavy Industries by declaring an option for two additional units. These will be the 5th and 6th vessels in the series and will deliver within end 2019. In the smaller sizes, Jiangsu Dajin HI have received an order for one 4,500 DWT Product Tanker from Amurskaya Neftebaza. This single unit is set for delivery in 2Q 2019 from China.

There are a few orders to report in Dry this week. Clients of Golden Ocean have declared an option for two 208,000 DWT Newcastlemaxes at Bohai Shipbuilding for delivery within 2020. The duo will be the 3rd and 4th vessels in the series. Clients of Seatankers Management have continued to extend their relationship with DSIC Shanhaiguan Shipbuilding by placing an additional order for two firm plus two optional 82,000 DWT Kamsarmax Bulk Carriers. The firm two vessels will be delivered in 2020 and 2021 respectively, and the two optional vessels will be the 7th and 8th units in the series, if declared. From Japan, Saiki HI are reported to have won an order for two firm 37,000 DWT Bulk Carriers from Far East Shipping & Trading for delivery in 2019 and 2020”.

Meanwhile, in the S&P market this week, Allied said that “on the dry bulk side, the slower activity levels (compared to what we have come to be accustomed to over the past 12 months) continues for yet another week, with the mis-aligned sentiment between sellers and buyers starting to take hold as the freight market delays to show clear direction for the near term. There is still significant potential to be noted under the surface, something which could easily turn into a buying frenzy and a sharp increase in prices, were we to see a strong freight market rally emerge soon and an increased flow of finance. On the tanker side, things continue to hold a sluggish pace, with confusion still being noted amongst most as to the true potential held by the market right now. It looks as though things will remain on hold for most buyers and sellers in the market for a while longer, with the overall crude oil and product markets still lacking any clear direction and indication for near term prospects”.

Similarly, VesselsValue said that in tankers, values have remained stable with a slight firming in modern LR1 values. “An Internal Deal of the VLCC Nave Galactic (297,200 DWT, Oct 2009, Jiangnan Shanghai Changxing HI) sold to Navios Midstream Partners LP for USD 44.5 mil, VV value USD 39.03. An en bloc deal of three Aframax vessels to Iconic for USD 110.0 mil, VV value USD 118.4 mil included; Diamond; Bliss/Destiny/Eternity (107,500 DWT, Oct 2009/ Apr/Dec 2011, Tsuneishi Zosen) and Diamond Faith (114,600 DWT, Jan 2016, Namura)”, said the ships’ valuations expert.

In bulkers values have remained stable with a very slight firming in older handymax/ supra tonnage. “Panamax Ocean Vision (81,500 DWT, Jun 2015, Longxue) sold for USD 24 mil, VV value USD 21.75 mil. Handymax Nepenthe (48,900 DWT, Jul 2001, IHI) sold for USD 8.2 mil, VV value 7.79 mil. Handymax Monica P (46,700 DWT, Apr 1998, Mitsui Tamano) sold for USD 6 mil, VV value 5.94 million”, VV concluded.

Nikos Roussanoglou, Hellenic Shipping News Worldwide

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