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Several tankers sold for scrap last week |
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Tuesday, 15 December 2009 |
 Several tankers were sold for scrap last week, including an old LPG carrier, along with other old dry bulk carriers. Indian breakers continued their recent competitive streak, securing last week two 1985-built chemical tankers - the 17,654 dwt Galaxy and the 50,600 dwt Ocean Grace.
Though details on deal price for the Ocean Grace are unavailable, the
Galaxy was purchased at “very firm levels” in excess of $360 per ldt,
according to the world's largest cash buyer GMS.
“This represents a remarkable jump in prices and it seems hard to
believe that this level could be reached even in Bangladesh – the
traditional stomping ground for tankers,” said GMS on Sunday.
According to a separate maritime source, the Ocean Grace was managed
and run by Greek operators Blue Line Ship Management, and owned by
Hellenic Star Shipping, while the Galaxy was owned and managed by
Latvia's Riga Transport Fleet, with Liberia-based Laskaridis Shipping
as operator.
A number of deals are said to be currently under negotiation at levels
in excess of $330 per ldt for delivery to the Indian west coast.
Bangladeshi breakers meanwhile, did not go away empty-handed last week,
having bought the 1980-built 43,481 dwt LPG tanker Harriette N at $342
per ldt and the 1978-built 28,972 dwt bulk carrier FGM Achiever at $355
per ldt with further option for trading. The Harriette N was owned by
Isle of Man-based General Ore International Corp, managed by
Singapore's Anglo-Eastern Shipmgmt, and operated by Norwegian
specialists International Gas Carriers, while the FGM Achiever was
owned, managed and run by the UK's FGM Ship Management.
Pakistani breakers continued in “their capacity as interested
observers”, said GMS, as the Indian market continued to soar. Still,
end-buyers continue to pluck the 'best of the rest' from the market and
have an appetite for well-positioned UAE vessels and tankers.
Market sales reported last week for scrap in Pakistan included the
general cargo ship Gemini at $290 per ldt and the 1982-built 18,732 dwt
crude / product tanker Esraa at an undisclosed price.
The single-hulled Esraa was managed and operated by Emirates Shipping
and registered to fellow UAE company GEL Gulf Navigation Inc.
Over in China, prices spiked further last week apparently because many
yards still need to fill quotas before the start of the Chinese New
Year.
Although this bullishness is not expected to last indefinitely, “it has
provided us with some aggressive Chinese price levels – enough to rival
India in the short term – and once again highlights the potential and
ability of the Chinese market to compete”, said GMS.
The one notable sale last week to Chinese breakers involved the bulk
carrier Samos Sky in excess of $310 per ldt to a southern yard.
Built in 1981, the 38,250 dwt Samos Sky was Greek-owned and managed
through Samos Island Maritime and operated by Germany's Oetker.
Market sentiment for the Indian and Chinese scrap markets head into
this week bullish, with prices ranging between $315 to $350 per ldt and
$315 to $335 per ldt respectively.
Pakistani and Bangladeshi demolition is currently volatile, with prices
ranging between $300 to $330 per ldt and $295 to $335 per ldt
respectively.
As usual, bottom-range prices are for general cargo ships while tankers mostly get the higher range prices.
Source: Portworld
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