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Dry Bulk Carriers On Demand

Demand for second hand dry bulk carriers has gone up, as was expected after the boost in sentiment over the past few months. In its latest weekly report, shipbroker Banchero Costa noted that “the week 37 in the second hand market has been dominated by the bulk segment with numerous sales. The “Azul Challenge” (203k/04 blt Universal) has been sold to Asian buyers (either Winning Shipping or Sinokor) for $16.8 mln. Two sisters capesize “Corsier” and “Celigny” (180k/2016 blt Imabari) have been sold en bloc for $42.5 mln each. Another cape, “Frontier Voyager” (180k/12 blt Tsuneishi Cebu), has been reported sold for $25 mln. The Post-Panamax “John Wulff” (93k/10 blt Yangfan) has been reported sold for $13.5 mln. The buyers believed to be Greeks. The “Navios Aldebaran” (76k/2008 blt Imabari) has been reported sold on private basis.The vintage geared panamax “Pacific Knight” (68k/96 blt Imabari) has been purchased by Chinese interests for $6.5 mln. A modern ultramax “Guo Qiang 8” (63k/18 blt Guangzhou Huangpu) has been reported sold for $23 mln. The “Nord Explorer” (58k/09 blt Tsuneishi Cebu) and “Kashi Arrow” (54k/09 blt Oshima) have been sold to Greek buyers for $12.5 mln and $10.65 mln respectively”.

Banchero Costa added that there was also “huge appetite for supramaxes brought to several sales such as “Carina Ocean” (58k/09 blt Tsuneishi Cebu), “Dubai Ambassador” (56k/04 blt Mitsui), “Iyo Wind” (53k/08 blt Iwagi) and “NPS Ocean Star” (53k/13 blt Oshima) have been reported sold to different buyers for $12.7, $8.5, $10.25 and $7.5 mln, respectively. To conclude with the bulk segment, following handy bulkers have changed hands last week: “Appallosa” (36k/13 blt Jinling) for $14 mln, “Sam Falcon” (34k/11 blt Zhejiang Jingang) for $8 mln, “Elvira Bulker” (31k/11 blt Hakodate) for $10.2 mln, “Trans Friendship II” (31k/10 blt Huangpu) for $7.5 mln, and “Nord Tokyo” (28k/2009 blt Imabari) for $7.65 mln. In the wet segment, the Aframax “Anavatos” (104k/03 blt Samsung) has been reported sold for $13 mln. The MRs “Tajin” (47k/03 blt Onomichi), “Hafnia Atlantic” (45k/04 STX) and “Astral Express” (45k/02 blt Minami Nippon) have been rumoured sold for $8 mln, for $ $9.9 mln and for $8.5 to Far Eastern buyers”, the shipbroker concluded.

In a separate report, Allied Shipbroking added that “on the dry bulk side, a fair number of transactions took place this past week, with buying interest being spread across different sizes and age groups. The positive momentum in the freight market during the summer months seems to have led several owners to look into making further additions to their fleets. This pattern is likely resume over the following weeks, as a more positive investment approach seems to have taken hold of the market for now. On the tanker side, activity slowed down this past week, without this meaning that we had a lack of reported transactions. Five vessels in total changed hands these past few days, with vintage units being in the center of attention. Interest amongst buyers may temporary be limited, but it is expected to ramp up again over the following weeks, especially for the oil product tanker segments”.

Meanwhile, newbuilding ordering activity has cooled down after a few weeks of heightened numbers. Banchero Costa said that “Evergreen Marine Corp, Taiwan made huge investment investing in 10 x 23,000 teu all scrubber fitted; the order was split between Samsung, Hudong-Zhonghua, Jiangnan all for dely 2022 for an investment of around $1.4/1.6 billion. Another Taiwanese company, TS Lines ordered 2+2 2,700 teu at Huangpu Wenchong, for dely starting from 2021 (Gearless, Tier-II, Scrubber-fitted) at region $30.5 mln per unit. Kmarin, Korea declared options for 2 x 325,000 dwt VLOC at Yangzijiang for dely as from end 2021 at region $75 mln per unit backed by long term t/c to Vale”.

Similarly, Allied added that it was “a very quiet week on the newbuilding front, with buyers’ appetite slowing down lately. The positive momentum prevailing in the dry bulk freight market, despite this weeks’ drop, seems that to have done little to entice fresh interest for new orders as of yet. Concerns for a repeat of oversupply is still keeping most from any excessive and impulsive investment choices. The current global orderbook on the dry bulk sector stands at around 870 units, with almost 30% of them being expected to hit the water this year. However, if rates are able top hold buoyant at their current levels, we may well see perception towards new ordering change and rather quickly. Even under such a case though, activity is still expected to be at moderate levels for the time being. The same slowdown has been currently witnessed in the tankers market as well. Right now, the orderbook stands at 429 units, with 24% of them being expected for delivery later this year. The excessive ordering that took place at the beginning of the year has now subsided, with many in the market now being concerned about the supply side risk the market may face moving forward”, Allied concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide

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