Newbuilding Orders Pick Up

Ship owners appear to have returned to the newbuilding market, with many deals being reported last week. In its latest weekly report, shipbroker Allied Shipbroking said that “the newbuilding market managed to make a noticeable rebound this week with several transactions coming to light. The overall upward trajectories of late in freight rates for the Tanker, Dry Bulker and Container sectors seem to have rejuvenated the levels of buying appetite being noted in the market right now. Adding to that, – and as seen in the table below – the vivid tone noted in the market as of late could also be due in part to the lifting of the Shanghai lockdown measures which resulted in the re-opening of operations for many major shipyards. The flow of fresh orders in the containership market is hardly surprising given the momentum that has gathered up to now and the persisting of high freight earnings still seen in this sector. Rates for tankers and dry bulk units (despite their volatility) have generally shown to have an overall good performance this year, which in turn have generated their fair share of optimism amongst shipowners. On the pricing front, values have caught up and surpassed their five-year highs, which when considering the number of new orders noted of late, is a trend that will likely hold in the medium-term at least”.

In a separate weekly report, shipbroker Banchero Costa added that “Tsakos Shipping and trading ordered 4 x 2,824 teu at Hyundai for delivery end 2023, mid/end 2024 at $47 mln per unit.

The order is an additional order of 6 units placed at affiliated yard Hyundai Mipo. MSC Geneve, ordered 4 x 8,000 teu at K Shipbuilding for delivery end 2024 / end 2025 for $130 mln per unit. Massive order Methanol powered MR2 done by EuroGreen Maritime at New Times Shipbuilding. 8 units for delivery beginning 2025 till whole 2026. Price is about $58 mln per unit”.

Meanwhile, in the S&P market, Allied commented that “on the dry bulk side, the market showed an excellent performance with buyers appearing quite aggressive. Buying interest escalates as the preference in size shifts towards smaller units, resulting in the majority of transactions being focused on handy vessels. In terms of revenues, the feeling given from the freight market is still a positive one, which helps re-enforce the buying appetite already present and has helped further boost price levels being noted as well. On the tanker side, the number of sales remained at the same levels compared to the previous week. Buying interest was mainly focused on MR units, something that comes in line with the good performance noted in rates for these assets in recent weeks. On the pricing front, given the overall positive sentiment observed for product tankers, buyers have shown increased aggressiveness, which has helped boost asset price increases further”.

Banchero Costa also noted that “China Merchants purchased 4 x Ultramax 63,000 dwt Blt 2024 by New Dayang at $32.5 mln each. Suisse Atlantique controlled Handysize Moleson 35,000 dwt Blt 2010 Shinan reported sold to at $17.5 mln to client of Bluefleet.

Asomatos 28,000 dwt Blt 2003 Imabari (SS/DD 04/23), hearing sold at $11.5 mln net to Sellers to undisclosed Buyers. Handies Nordic Busan and Nordic Seoul abt 35,000 dwt Blt 2017-2018 Samjin purchased by Precious (Thai) at $51 mln enbloc. Suezmax Ridgebury Astari 150,000 dwt Blt 2002 NKK (Japan) has been committed. Don’t have price or direction yet. Crude Oil Aframax Almi Spirit 112,000 dwt Blt 2007 HHI reported sold to Beks at $17.7 mln”, the shipbroker concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide