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Multitude of Deals in the S&P Market This Week

There was a flurry of deals in the S&P market this past week. In its latest weekly report, shipbroker Allied said that “on the dry bulk side, things did not derail from the recent fair momentum prevailing in the market, with a relatively “good” number of SnP transactions taking place. On the other hand, the overall SnP market continues on a rather off-balance step, with both asset price levels and sentiment having been on a downward spiral for some time now. Given the general lack of direction and mixed feelings, it is tricky to argue how robust the market will appear during the remaining part of the year, especially when given the expectations most parties held up to until very recently. On the tanker side, as was anticipated (to some extent at least), things resumed on a relatively fervent mode for yet another week, given the robust number of vessels changing hands, well distributed across the different size segments at the same time. Moreover to this, as we see sentiment remaining on the bullish side, we can expect things to remain lively in the market over the near-term”.

In a separate note, shipbroker Banchero Costa added that “it was a very intense week 39 in terms of ships’ calling offers and reported sales / rumours. Tankers and specifically MRs were recording the most of the activity though we had several bulkers trading and changing hands. DRY : Starting from Capesizes, the Japanese controlled mv FRONTIER TRIUMPH 181,000 dwt blt 2010 Imabari (DD 2023 – SS 2025 – BWTS fitted is reported sold to Winning Shipping for USD 30 mln. The SHINYO GUARDIAN 177,000 dwt blt 2005 Namura (BWTS fitted) we heard she may be sold for USD 17.25 mln basis prompt delivery in China. In the Panamax – Kamsarmax sector Greeks were busy buying tonnage. The OCEAN THYME 82,000 dwt blt 2014 Dalian was reported sold to Greeks at USD 20.5 mln whilst the Japanese sisters mv PEDHOULAS TRADER 82,200 dwt blt 2006 Tsuneishi Japan (BWTS fitted) and the CYMONA GEMINI 82,700 dwt blt 2006 Tsuneishi Japan (BWTS fitted) were reported sold at region high USD 15 mln each. Another sister ALEXANDRA 82,000 dwt blt 2006 Tsuneishi Japan (BWTS fitted) is reported sold in excess of USD 16 mln to Turkish buyer. In the Supramax market the modern very high spec NORD BARENTS 62,000 dwt blt 2019 Oshima (BWTS and scrubber fitted) is reported sold for USD 33.3 mln. The GENCO BOURGOGNE (crown 58 design) 58,000 dwt blt 2010 Dayang (BWTS fitted) is sold to Bangladeshi buyers for USD mid-high 15 mln. A similar slightly modern Japanese built mv PACIFIC HERO 58,000 dwt blt 2012 Kawasaki (BWTS fitted) has seen slightly in excess of USD 20 mln and Owners entertaining trading her now. The Tess 58 OCEAN ADVENTURE 57,814 dwt blt 2015 Tsuneishi (BWTS Fitted) was inviting offers last friday, she is rumoured having seen best level region USD 23-23.5 mln. TANKER: The VINGA 158,000 dwt blt 2012 Samsung is sold just ahead of 2nd SS for a price of USD $42 mln to Greeks, prompt delivery 2nd half October and heading straight to DD. The KEROS VOYAGER 108,000 dwt blt 2008 HHI (coated) is sold to Teodor Shipping for USD 35 mln (note she was purchased in February 2022 for USD low 18 mln). The sisters LR1 AMBER 73,981 dwt blt 2008 New Century and AZURITE 73,948 dwt blt 2008 New Century are sold at USD 18.4 mln each to undisclosed buyers possibly Turkish. The vast majority of tanker business was done on the PT sector. NORD GARDENIA handy tanker 40,000 dwt blt 2014 GSI, we hearing sold in excess of USD 26 mln to Niovis Shipping. LAPEROUSE 50,000 dwt blt 2011 GSI (BWTS fitted) is sold for region USD 26 mln basis dely October – November. DEE4 FIG 45,000 dwt blt 2011 Onomichi (BWTS fitted) invited offers 27th Sept, we understand she is close to or being committed at levels region USD 26.5 mln. The American controlled sisters mv RIDGEBURY BIRCH 53,712 dwt, built 2006 Shin Kurushima (BWTS fitted) and RIDGEBURY ACACIA 53,688 dwt built 2006 Shin Kurushima (BWTS fitted) are rumoured sold to undisclosed buyers for close to USD 34 mill enbloc. HIGH MARS 52,000 dwt blt 2008 STX is reported sold at USD high 18 mln whilst the sisters ENERGY PUMA 46,459 dwt, built 2008 Sungdong (BWTS pending) and ENERGY PROGRESS 46,606 dwt built 2008 Sungdong (BWTS-pending) – are reported sold to undisclosed buyers for USD 20 mln each. There is a rumour they may have sold more ships enbloc. Finally, the JO ASK 47,128 dwt built 2007 Hyundai Mipo (BWTS fitted) is sold for a price in the region of USD 20.5 mln to Middle Eastern buyers”, the shipbroker concluded.

Source: Allied

Meanwhile, in the newbuilding market this week, Allied said that it was “a rather uninspiring week was noted in the newbuilding market, given the relatively stringer flow in terms of fresh orders coming to light as of late. At the same time though, the tanker sector appeared of major help in curbing the overall sluggish momentum of late (to some degree at least), given the relatively fair flow in new order activity for this type of units. Moreover, when also thinking about the overall incremental recovery in terms of sentiment, it will be of little surprise if we were to witness a more fervent newbuilding market prevailing at this point. On the other hand, the same can not be said for the dry bulk sector, where the recent negative pressure in terms of freight earnings, coupled with the general uncertainty and lack of freight market direction, has made for a very difficult market in terms of new ordering activity. All-in-all, while entering the final part of the year, we can expect a fair flow of new projects to come through”.

Source: Allied

Banchero Costa added that “China Merchants Energy Shipping confirmed options for two additional 175,000 cu.m. LNG carrier at Dalian Shipbuilding Industry. Vessels to be delivered during end of 2026 and beginning of 2027. In the tanker sector an option for third large Aframax abt 115k dwt was exercised by Seatankers Management at New Times Shipyard. Vessel is going to be delivered during 2nd half of 2025 and priced at USD 46.5 mln. CIMC Sinopacific Offshore received an order for a second LNG bunkering tanker abt 8000 cu.m. from Fratelli Cosulich with delivery expected during beginning of 2024. The vessel is priced at USD 45 mln. Japanese owners Mitsui & Co placed an order for 4x MR2 abt 50k dwt at Hyundai Vinashin with vessels to be delivered through 2025”, the shipbroker concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide

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