Newbuilding Market Gaining Momentum
In a separate note, Banchero Costa noted that “Greek owners Thenamaris added 2 x LR2 tankers at SWS, bringing the total order at the shipyard to 6 vessels. The vessels are reportedly priced at $63.5mln each, deliveries first half 2026. COSCO received an order from Pantheon tankers for 4 x LR2; the price reported around $62 mln each, dely during 2026. Japanese owners Mitsui OSK agreed to build at Hyundai Mipo 1 x MR2 methanol dual fuelled; the unit was priced $55 mln, delivery Q3 2025”.
Meanwhile, in the S&P market, Allied commented that “on the dry bulk side, things appeared somehow improved as of the past week, given the higher number of units changing hands during the same time frame. The resurface in interest in the “medium” range size segments nourished the boost of most recent liquidity levels. However, given the prolonged incremental pressure in freight numbers, we will continue seeing periods of high immobility in volumes of transactions.
On the tanker side, as it was expected to a high degree, things resumed on a fervent tone for yet another week, with a further robust number of vessels being reported as sold. Within this current bullish market regime, we maintain the idea of a very active SnP market in the upcoming months. More interestingly at this point, is as to what sort of “ceiling” in asset price levels we can expect to hold in the near term?”, the shipbroker concluded.
Banchero Costa added that “in the drybulk, the softening chartering trend did not discourage potential Buyers from offering and trying to secure tonnage for an expected rates recovery. In any case Buyers are sensible to the shifts in asset prices and thus the attitude is to bid softer than last similar dones. An interesting example is the IKAN PULAS 63,000 dwt built 2016 Shin Kasado (bwts and scrubber fitted), which was inviting offers during the week and allegedly saw an handful of offers with the best in the very high $20s mln whilst Sellers initial target price was in the low $32s mln. Another en bloc deal for Ultramax was concluded with the sisters ARIES CONFIDENCE and TAURUS CONFIDENCE 63,000 dwt built 2018 Dayang (bwts fitted) sold for low/mid $28 mln each to undisclosed Buyers. The modern B Delta design ATLANTIC ALTAMIRA 42,000dwt built 2017 Qingshan (bwts fitted) was reported sold for a price in excess $24 mln (close to $24.5 mln to be confirmed). As a comparison of the widening price gap between Japanese and Chinese tonnage the following 2 Handies were sold at similar prices but they are 4 years apart: YANGTZE OASIS 34,000 dwt built 2013 Nantong Huigang (bwts fitted) was sold at high $13 mln and the STRAITS BREEZE 32,000 dwt built 2009 Saiki (OHBS design – bwts fitted) at region $13 mln to Turkish Buyer”.
Meanwhile, “the tanker market kept showing a strong pace and a regular number of sales on a weekly basis. The SPERCHIOS 106,000 dwt built 2018 Namura (bwts and scrubber fitted) was reported sold before her 1st special survey at over $68 mln. The STAR PROSPERITY 115,000 dwt built 2009 Sasebo changed Owners for a price in the region of $43 mln. For vintage tonnage, where several transactions have been concluded, 2 sisters ASHADA and ADAFERA 105,000 dwt built 2004 Sumitomo were sold to Middle Eastern Buyers for a price in excess of $30mln. In the product tanker market an en bloc deal for 3 x LR1 built 2005 HHI: GULF PEARL, GULF COAST and GULF HORIZON were sold for a price in the region of $61.2 mln (all ships have DD within the end of 2023)”, Banchero Costa concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide