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More Newbuilding Orders Could be on the Way

With the year coming to an end, analysts are anticipating an elevated number of newbuilding orders, as owners will look to conclude more deals. In its latest weekly report, shipbroker Allied Shipbroking said that “the volume of newbuilding orders appeared rather diminished on a w-o-w basis, with the overall market appearing rather unable to remain on a more stable level for the time being. Despite though the current reduced number of transactions, the fact that we still see presence across all main shipping sectors, keeps the probability for an overall increased flow of projects to come into light in the upcoming period. The leading sector at this point is the LNG market, having attracted a fair buying appetite for some time now, which comes completely in line at the same time, with the current momentum and the general positive freight direction noted for these type of units. The dry bulk market continued showing some small signs of a rebound, with activity though, most likely remaining volatile. On the tanker front, the market followed a similar trajectory as well, with the sector’s performance showing some cautious signs of a recovery in motion. All-in-all, despite the fluctuations in terms of new ordering, the sentiment in the market is still fairly positive, while with many shipbuilders having already covered most of their early slots, it could possibly dampen the overall market performance over the next few months”.

Source: Allied

In a separate report this week, shipbroker Banchero Costa added that “it was a busy week for newbuilding business. South Korea SK Shypyard was reported to be awarded with 4 x 170,520 cbm LNG Carriers with 2024 deliveries. Canadian Seapek was reported to have taken over 5 berths originally booked by Exxon Mobil at Samsung, prices were reported around $253mln each and dely in 2027.

Source: Banchero Costa

Eastern Pacific ordered 2 x 50,000 dwt MR at Hyundai Vinashin for delivery 2025 at $43mln per unit. TEN went to Samsung for 2 x 160,000 dwt Suezmax Shuttle Tankers, deliveries are set to be in mid/end 2025 and the price reported was $129.9mln per unit. On Bulkers a Japanese domestic Owner ordered at Shin Kasado Yard a series of 5 x 64,000 dwt Ultramaxes for delivery 2023/2024, the price remained undisclosed”.

In the S&P market, Allied said this week that “on the dry bulk side, activity remained stable at mediocre levels during the past week. It is obvious that the discouraging sentiment which prevails in the freight market as of late does not favour any significant fervent market conditions to prevail. The market is still witnessing intense fluctuations in terms of the focus of buying interest which is enforced by the high volatility noted on the side of earnings. Τhe activity is continually redistributed each week, making it hard to see any clear buying interest prevailing at this point. On the tanker side, the sector managed to bring a considerable rebound by recording an increased number of transactions during the past week. The market performance moved on a vivid tone and this comes in line with the upward trend which is noted on the side of earnings. Sentiment remains strong across the market for the upcoming period with the prices being well above the average noted over the past 5 years”.

Source: Allied

Banchero Costa added that “in the dry market a Korean controlled Kamsarmax DL Carnation around 82,000 dwt built 2014 Jiangsu Eastern (SS due 2024) was committed at high $18mln, a few weeks ago Ocean Rosemary around 82,000 dwt built 2013 Dalian was reported at $21mln. A modern Ultramax Italian Bulker around 63,000 dwt built 2017 Shin Kasado (BWTS fitted) was sold around $27mln to Dao Shipping with a TC back till Nov 2023/Jan 2024.

Source: Banchero Costa

Japanese buyers were reported to be behind the purchase of Seastar Harrier around 40,000 dwt built 2022 Hakodate at $30.9mln. TS Bravo around 38,000 dwt built 2015 Shanhaiguan (SS due 2025 BWTS fitted) was committed aroud high $16smln to Danish buyers. In the tanker market activity was focused on vintage tonnage. 20 years old Suezmax Maria Grace around 160,000 dwt built 2002 Hyundai (SS/DD passed and BWTS fitted) was reported at region $22.5mln. The German controlled LR1 Nordneptun around 75,000 dwt built 2004 Hyundai Ulsan (CPP trading) was sold at $15.5mln. Norwegian owners sold Atlantica Bridge around 50,000 dwt built 2005 STX (SS 12/25 DD 3/24 – BWTS fitted – Ice Class 1A) at $19.75mln, a few weeks ago the same Owners sold the sister 2006 built at $20.7mln”.
Nikos Roussanoglou, Hellenic Shipping News Worldwide

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