Ship Owners Looking for More Dry Bulk Tonnage

Ship owners have turned to the S&P Market this week, in order to add more dry bulk tonnage to their fleet. At the same time, newbuilding activity is expected to increase as well, thanks to improving freight rate market conditions and stable prices. In its latest weekly report, shipbroker Allied Shipbroking said that “a quiet week was noted in the dry bulk newbuilding market, with a lack of any fresh deals, despite the resuming positive sentiment in the segment. It seems that the several orders being added in the past couple of weeks has somewhat curbed appetite for the time being. However, the bullish freight market of the last few weeks and the stable newbuilding prices are both expected to continue attracting fresh capital in this sector, especially in the more versatile units, such as Ultramaxes and Kamsarmaxes. On the tankers side, fundamentals are a whole different story alike the market sentiment. We have not seen any significant action for some time, but this past week we noted two new orders coming to play. The pressure in the freight market that has resumed and the current imbalance between demand and supply is anticipated to continue trimming interest for now. Meanwhile, an ordering spree has been witnessed recently in the containership market, with an impressive number of units being ordered, in the back of improved expectations for the segment and considerably boosted earnings”.

In a separate note this week, shipbroker Banchero Costa commented that “a quite good numbers of containership orders have been reported this week. Wanhai Lines have agreed with Japan Maritime United (JMU) to build 12x 3,013 teu container vessels with delivery 2023. They will be employed in intra-Asia trades. Price for each vessel to be abt USD 47 mln each. Evergreen placed an order for 10x 15,000 teu container vessels. 5 will be allocated in China between Jiangnan Shipyard and HudongZhonghua, while the other 5 to be in Samsung.

Deliveries will start from 2023. StarOceanMarine Pte have signed with Jiangsu New Yangzijiang 8 + 4 optional 1,800 teu Bangkokmax gearless feeders. Deliveries will start from 1st half of 2022. In the tanker sector, Greek owners Avin International has committed with New Times Shipyard 1+2 optional Suezmax tankers. Vessels are going to be ammonia fuel ready. Each unit priced at USD 57.5 million”, said the shipbroker.

Meanwhile, in the S&P market, Allied commented that “on the dry bulk side, for yet another week, we experienced a bullish SnP market in terms of activity noted. Despite the sluggish Capesize market during the past few days (rather inline, at the same time, with the sharp correction noted from the side of earnings), the dry bulk sector remained on strong trajectory, nourished almost exclusively from the “medium” size ranges. Buying appetite for Supramax and Panamax units (of different age groups) seems relatively abundant at this point, seemingly ample to support this trend of late in the near term. On the tankers side, things remained relatively stagnant in terms of volume, with just a small number of vessels changing hands the past few days. This came as little surprise, given the current state of freight rates noted right now. All-in-all, thinking about the overall uninspiring trajectory of the market, we don’t expect any sharp shift in this recent trend over the upcoming period (at least)”.

Banchero Costa added that “as dry bulk rates keep on improving, the secondhand S&P market follows the trend especially in pure Japanese blt tonnage or Chinese/Japanese yards, and with class passed recently and BWTS fitted. 4x Kamsarmaxes have been reported sold, 2x Oshima, 1x Sanoyas and 1x Tsuneishi Zhoushan. Key Evolution 83.000 dwt Blt 2010 Sanoyas reported sold to Pavimar (Panayotides) at USD 15.750 mln. Fortune Miracle and Fortune Sunny 82.000 dwt Blt 2009/2008 reported sold to undisclosed at USD 14 mln and 13.750 respectively. 1x Resale Kamsarmax Una Manx 82.000 dwt Blt 2021 Tsuneishi Zhoushan reported sold to Chinese Buyers at USD 29.5 mln. Even Panamax bulkers attract Buyers interests. Greek Buyers purchased Thessaloniki and Pireas 76.000 dwt Blt 2006 Imabari at USD 21 enbloc, while Ajax 76.000 dwt Blt 2006 Oshima has been reported sold to undisclosed at USD 10.2 mln.

The big Chinese leasing house Minsheng reported to be the Buyers on 2 x 60.000 dwt Blt 2016/2017 Ultramax named Xing Shou Hai and Xing Hi Hai at USD 41 mln enbloc. Although Handy rates are giving better signs of improving than other dry bulk tonnage, only 3 units have been reported sold: Asia Pearl VI 35.000 dwt Blt 2011 Nantong to Samios Shipping at USD 6.25 mln, Last Tycoon 34.000 dwt Blt 2012 Shanhaiguan reported sold at USD 7.5 mln and Hokkaido Bulker 32.000 dwt Blt Hakodate. Only 1 crude oil tanker, VLCC Zin Trader 299.000 dwt Blt 2000 reported sold to Chinese Buyers at USD 21.7 mln”, the shipbroker concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide