Newbuilding Market Picking up Pace

The newbuilding market activity has kept rising over the past week. In its latest weekly report, shipbroker Intermodal said that it was “another busy week for the newbuilding market with several orders for both tankers and bulkers. There were a total of 9 orders, representing 22 firm and 2 optional vessels. There was interest in the larger vessels as DHT Tankers ordered 2 firm and 2 optional VLCCs from Hanwha Ocean. The scrubber-equipped vessels will be delivered between 2026 and 2027 and will cost 129m each. Similarly, Trafigura ordered two 319k dwt tankers from Jiangsu New Hantong in China; the vessels will be ready in 2026 and the cost is not yet known. In the bulk sector, Eastern Pacific ordered four firm 210k dwt ammonia ready vessels for delivery in 2028. Berge Bulk ordered 2 similar vessels from the same yard. Prices for both orders were not disclosed. Finally, in the car carrier sector, UK-based Ray Car Carriers ordered two 7,500 ceu vessels from Hyundai Mipo. The duo cost $134m each and will be on the water in 2028”, Intermodal said.

In a separate note this week, shipbroker Banchero Costa added that “in the tanker market, DHT Holding placed an order for 4 + 4 x VLCC in South Korea shipyards. 2 + 2 will be built at Hyundai Samho and the other 2 + 2 at Hanwha Ocean with deliveries starting from 1st half of 2026. Price reported to be around $128.5 mln each. Japanese owners Lepta Shipping agreed with Fukuoka to build 2 x 25,000 dwt chemical tankers with delivery December 2025 and March 2026. Seacon Shipping ordered 4 chemical carriers around 18,500 dwt at Fujian Southeast for a price of $32.25 mln apiece. 2 deliveries are expected in 2025 and the other 2 in 2026. In the drybulk market Eastern Pacific exercised an option for 4 x NewCastlemaxes at Qingdao Beihai, a total of 14 vessel is now on order from this owner at the shipyard. Vessels to be delivered end 2027/2028 and reported price at $80 mln each. Greek based Sea Traders SA added 4 x Kamsarmax at Hengli Heavy Industries with deliveries starting from 2028, reported price to be $35 mln each”.

Meanwhile, in the S&P market, Banchero Costa added that “we noticed a regular flow of activity, with a very high volume of transactions in the drybulk sector, driven by the freights and paper market. No doubt the increased activity largely involves eco type tonnage which is the focus of our weekly report. Starting from larger sector the TRUE CARTIER 181,000dwt Imabari blt 2014 (scrubber fitted / SS due july 2024) was sold to German Buyers for a price close to $41m and few days after the PACIFIC ASSURANCE 207,000 dwt blt 2014 Imabari got a very firm $ 48.5 from an undisclosed buyer. To compare, in early-mid february we reported 2 x 181,000dwt blt Imabari 2012 and 2013 respectively for $ 31m and $ 34 (non eco, no scrubber, bwts fitted). In the KMX sector the appetite for modern eco tonnage is huge; the GRAND RADIANT 82,000dwt blt 2021 Yamic (scrubber fitted) is reported sold for $ 38m, the AQUAVITA SOL 81,000dwt blt 2020 Hantong for $33.5 and THE PROSPERITY 82,000dwt blt 2017 Tsuneishi Zhoushan for $ 31.5m to Europeans.

In early January an eco KMX blt 2015 got sold for $ 24.5m Appetite for modern eco ships is intense also in the geared sector. The BULK MONACO 63,700dwt blt 2023 Shin Kasado is reported sold for a strong price of $40.5m which higher than the comparable price of a same type NB order in Japan, evidencing the premium for prompt tonnage. The large handysize INTERLINK AMENITY 40,000dwt blt 2018 Huatai (2 x bwts fitted – ice class 1C) is sold to Precious Shipping for $ 25.3m including index TC till July 2024. The tanker market got quieter during week 9; thought we understand a number of negotiations are undergoing and transactions will be soon coming to light and filling our next weekly columns, the sentiment is that a very very strong chartering market is inducing some Sellers to hold back, fixing their ships and raising their targets accordingly. Also in the tanker market eco tonnage is in the headlines, with the most interesting deal to report for 2 x resale 2024 MR2 of 50,000dwt blt in K Shipbuilding sold for close to $ 100m enbloc to a Singapore based Buyer”, the shipbroker concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide