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Newbuilding Ordering Activity Slows Down

There wasn’t too much movement in the S&P or the newbuilding markets this past week. In its latest weekly report, shipbroker Allied Shipbroking said that it was “a very quiet week for Newbuilding orders, with only one notable deal coming to light. Advantage Tankers have contracted three Suezmax tankers from the Daehan yard in South Korea. This will bring their Suezmax fleet to 10 vessels and the total fleet to 26 vessels. For the shipbuilder, this order represents the second of the year and brings the total for new orders to 4 vessels. This is roughly in line with the pace at which orders were placed last year, in which we recorded deals for a total of 16 vessels. More containership orders could be incoming, with some reporting that South Korean HMM is getting closer to ordering a series of methanol dual-fuel ships, despite the considerable decrease in containership earnings. This would make for another vote of confidence for alternative fueled container vessels by a key market player, in addition to orders by MSC and CMA CGM of recent weeks”.

Source: Allied

In a separate report this week, shipbroker Banchero Costa added that “Hyundai Mipo received an order for 4 x MR2 from Nissen Kaiun. Vessel are priced around $45.3mln echand deliveries are expected during end 2024 and 2025.

Source: Banchero Costa

Eastern Pacific exercised options for 2 more 7,000 ceu units at China Merchants and they will be built by Jinling facility while the previous six are under construction at Nanjing. Vessels to be delivered during 2025 and will be fitted with 7X62DF TIER III dual fuel engines”.

Meanwhile, in the S&P Market this week, Allied said that “last week moved very close to the week before, with a similar number of transactions occurring in the secondhand sales market. In the dry bulk sector, we saw a minor uptick in the smaller sized vessels, with Handysizes starring in the type of vessels changing hand. Still, amidst a stagnant freight market, current appetite in dry bulkers remains anemic. In the tanker market, developments have also been quite stable, with a similar activity to the week prior. In terms of ship types being sold, there is a smaller number of VLCCs, with a respective increase in the medium-sized vessels, specifically Aframaxes and Suezmaxes. Pre-emptive buying appetite for smaller vessels, such as product tankers, has been subdued versus previous weeks, as the embargo on Russian clean oil products has come into effect”.

Source: Allied

Banchero Costa added that “despite the level recorded in the spot market there is a growing sentiment in the drybulk second hand market especially for modern, eco type and quality tonnage. A Greek interest related to United Maritime was rumoured behind the purchase of 2 Japanese Kamsarmax built early 2010s and a Japanese Panamax built 2013 during the week: the total amount invested was in the low $60s million. The Ultramax sector was busy, again, for modern eco type tonnage with Norden selling the NORD POTOMAC 63,000 dwt built 2016 Imabari (scrubber and BWTS fitted) for a price in the region of $28mln.

Source: Banchero Costa

Similarly the SPRINGFIELD 64,000dwt built 2020 Cosco (scubber and BWTS fitted) got sold at $30.5/30.75mln. The tanker market was fairly busy too for vintage tonnage with Chinese and Middle Easter based buyers. SEAHERO 306,000 dwt 2006 built Daewoo (BWTS and scrubber fitted) was reported sold to Middle Eastern buyers at $56mln and the ARZOYI 299,000 dwt 2002 built Hitachi sold at $26.7mln to Chinese buyers. Hectic week in the LR1 segment which saw the sale of JUNIOR G 70,000 dwt 2005 built Universal to Middle Eastern buyers at $21mln, while a slightly higher price was achieved for an en bloc deal of the HAFNIA COLUMBIA 75,000 dwt 2007 built Dalian (BWTS fitted) and HAFNIA KRONBORG 75,000 dwt 2007 built New Century (BWTS fitted) to Asian interest for high $22mln each”.
Nikos Roussanoglou, Hellenic Shipping News Worldwide

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