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Ship owners want more newbuildings

Shipowners’ appetite for newbuildings seems to be on the rise as we head into the summer. In its latest weekly report, shipbroker Allied Shipbroking noted that “this week may well have shown a slight drop in the volume of activity noted, against what we were seeing one week prior. Yet, it looks as though the levels of appetite being shown amongst ship owners is on the rise. Counter to the rumors circulating last week, we only had one new order emerge on the dry bulk front, though given the overall state of the market and the slowly creeping up prices now being seen, expectations are now for a considerable boost in activity to be noted during the summer period. At the same time the flow of activity on the tanker front continues to hold firm, with ever more new deals emerging, despite what we are seeing in both the freight market and second hand market for these vessels. Overall it looks as though it will turn out to be a fairly active couple of months on the newbuilding front, with the Posidonia exhibition which is coming up now likely to drive a higher than average volume of new deals”.

In a separate weekly note, Clarkson Platou Hellas added that “in Tankers, Hunter Tankers have extended their series of 300,000 DWT VLCCs at Daewoo Shipbuilding & Marine Engineering (DSME) by declaring an option for three additional units. These will be the 5th, 6th and 7th vessels in the series, and will all be delivered within 3Q 2020 from Okpo. Hunter Tankers have also received three new options from DSME and these will deliver within 1H 2021, if declared. Whilst there is nothing to report in other sectors, there is one in the Passenger / Cruise market. Fincantieri have announced an order for one 40,700 GT Cruise Ship by Silversea Cruises. Delivering in 4Q 2021, this will be the 3rd unit in the series and will be able to accommodate 596 passengers”.

Meanwhile, in the S&P market, Allied said that “on the dry bulk side, a very busy week in terms of number of units changing hands, though it is worth mentioning that more than half have been part of the Songa deal snapped up by Star Bulk. Despite this, there is a sense that things are slightly waning now in terms of activity being reported, though with buying interest still there and with the freight market still supporting a more optimistic view amongst most investors, it looks as though we may well see some further price hikes down the road. On the tanker side, here too the volume of units changing hands was relatively high when compared with what we have been used to over the past year, however given that these vessels were all part of three separate enbloc deals, one would consider this to be indicative of a market on the rise. The reality is that things are still under pressure here and given that earning are still scrapping close to bottom, it is hard to see a quick shift in sentiment take place any time soon”.

VesselsValue, the ships’ valuations expert said that in the tanker market values have remained stable throughout the past week with a slight softening in older MR tonnage. “Aframax United Grace (112,800 DWT, Jun 2010, New times) sold to Stealth Maritime for USD 22 mil, VV value USD 22.71 mil. BP sold 3 MR2 tankers British Courtesy and Serenity (47,200 DWT, Jul 2005, Hyundai Mipo) and British Tranquility (47,200 DWT, Dec 2005, Hyundai Mipo) for USD 10.7 mil each, VV value USD 12.32, 12.32 and 12.91 mil respectively. All vessels sold DD due”.

In the dry bulk segment VV added that “values have remained stable this week. Star Bulk bought a total of 18 vessels this week for an undisclosed price in part shares part cash deals. Oceanbulk offloaded 3x Capesize Katie K, Debbie H and Ocean Ayesha (208,000 DWT, Jun 2019, Shanghai Waigaoqiao). Songa Bulk offloaded 15 vessels 3x Capesize, 10x Panamax and 2x Supramax vessels built at various Japanese, South Korean and Chinese yards. Supramax Azizi (52,500 DWT, Jan 2001, Shin Kurushima) sold for USD 8.5 mil, VV value USD 8.29 mil. DD due. Handy BC open hatch Cielo di Tokyo (37,300 DWT, Jul 2008, Saiki) sold for USD 12 mil, VV value USD 12.77 mil. DD due”.
Nikos Roussanoglou, Hellenic Shipping News Worldwide

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