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Deals for Newbuidings Still Far and Wide Apart

Newbuilding orders for dry bulk carriers could pick up pace in the coming weeks, despite last week’s pause. In its latest weekly report, shipbroker Allied Shipbroking said that “interest for newbuilding projects in the dry bulk sector seems to have paused this past week, with most enquiries failing to materialized into transactions. However, overall sentiment has improved as of late, with market fundamentals enhanced, while concerns over the global economy starting to subside. Given the improved environment, we do expect some fresh transactions to take place during the following weeks. Focus is anticipated to remain mainly on smaller size units such as Ultramaxes and Handysizes. Meanwhile, newbuilding activity in the tankers’ sector continued to depict contrasting trends between the crude oil and oil product sub-sectors. Interest for the latter is still considerably high amongst owners, as the outlook seems to be much healthier compared to that of the crude oil market. Despite this, we witnessed a fresh order for 4 Suezmaxes this past week. This pattern is likely to resume in September, as fundamentals are not expected to alter significantly during the upcoming month. Finally, it was another week with considerable number of new orders taking shape in the gas sector, thanks to the improved interest driven by a much more robust v-shaped recovery seen in the freight market of this sector”.

Source: Allied Shipbroking

In a separate note, shipbroker Banchero Costa added that it was an “active week in the gas sector: Novatek contracted 6 x 174,000 cbm LNG units at Daewoo which apparently is giving long delivery date to 2027 (due to the large order of Qatar gas). One single VLCC option was confirmed at Daewoo by Pan Ocean, for a scrubber fitted unit of 300,000 dwt at region $87 mln. In the product tanker segment Vista Shipping ordered 4 x LR2 115,000 dwt at GSI for delivery in 2022, Tier III engine dual fuel configuration: the price per ship is unknown. No relevant dry bulk orders to report”, the shipbroker said.

Meanwhile, in the secondhand market, Allied added that “on the dry bulk side, the good momentum in terms of activity continued for yet another week, with a strong number of units changing hands. The market has recovered significantly since the onset of the current pandemic, especially in terms of sentiment, trying, at the same time, to sustain a more stable trend. However, given that global markets are still struggling to return to a sort of “normality”, it won’t be surprising if we were to experience sharp shifts in the market, even in the near term. For the time being, the healthy buying appetite across most of the main sizes in the dry bulk sector, has helped gear things towards a better momentum. On the tankers side, overall, it was a rather “good” week, despite the considerable slowdown in the volume of transactions on a w-o-w basis. With both activity and interest remaining at relatively healthy levels for the time being, we can expect the good flow of fresh deals to be sustained for now”.

Source: Banchero Costa

Banchero Costa added that “few tankers were sold despite summer doldrums and soft rates. On crude oil tonnage, “Bag Meur” 306,000 dwt built in 2000 at Hyundai, after being sold and failed on July 2020 at $23.5 mln, she was committed at $21.750 mln to Equatorial marine basis SS/DD due in Dec 2020. The Aframax tanker “Deep Blue” 111,800 dwt built in 2005 at Hyundai was sold for $14.8 mln to Waruna, Indonesia. On Product Carriers, “Hafnia America” 75,000 dwt built in 2006 at Onomichi was reported sold to undisclosed Buyers at $12 mln basis SS/DD October 2021, while “Nord Andes” 50,000 dwt built in 2011 at Onomichi was sold to Xintong at $20.6 mln basis SS/DD September 2021. Several sales took place during the week in the dry bulk sector. 2 x Newcastlemax bulkers were sold: “Azul Cielo” 203,100 dwt built in 2005 at Universal, Japan basis 6 months BB Charter and purchase obligation at $14 mln and “Cape Daisy” 203,100 dwt built in 2006 at Universal, Japan at $13.7 mln to Winning Shipping and to an unknown Far Eastern buyers respectively. Capesize “Jubilant Excellence” 181,400 dwt built in 2013 at Koyo, Japan with both BWTS and Scrubber fitted was reportedly sold at $24.5 mln. In the Kamsarmax segment, “Ikan Bagang” 83,600 dwt built in 2009 at Sanoyas, Japan with BWTS fitted was sold for $12.5 mln to Greek buyers, “Key Calla” 83,500 dwt built in 2010 at Sanoyas, Japan with SSDD immediately due was sold for $13.5 mln to undisclosed buyers, whilst younger but Chinese built “Western Monaco” 81,100 dwt built in 2016 at Hantong, China with BWTS fitted has now found buyers in China at $19.1 mln”, Banchero Costa concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide

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