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Supramax sales in the spotlight

Over the last couple of weeks we have seen the surge of interest on the Supramax/Ultramax sector, with numerous vessels of that segment under close negotiation and various transactions concluded, which demonstrate a somehow entrenched asset values landscape.

A flurry of sales has recently been reported with mainly Chinese-built tonnage (and some Vietnamese-built): m/v Glovis Maestro 56,670 dwt blt 2012 Tianjin Xingang (Tier II, SS/DD passed, BWTS-fitted) reported sold US$9.20 mill to Chinese buyers, m/v Iron Lady V 57,295 dwt blt 2011 STX Dalian reported sold US$8.3 mill but heard same failed, Dolphin-57 m/v Watford 57,022 dwt blt 2010 COSCO Dalian (SS/DD passed, BWTS-fitted) reported sold US$8.75 mill, m/v Cas Avanca 55,561 dwt blt 2009 Huyndai Vinashin (BWTS-fitted) reported sold US$7.5 mill, Diamond-53 m/v Vega Lea 53,716 dwt blt 2010 Chegxi (BWTS included but not fitted) reported sold US$7.7 mill, m/v Pure Trader 56,855 dwt blt 2011 Jiangsu New Hantong reported sold low/mid US$8’s mill, Dolphins 57 m/v Asia Emerald II – M/V Asia Emerald III 57,802 dwt blt 2010 Zhejiang reported sold US$7.8 mill each and finally last week Dolphin 57 m/v Southampton 56,975 dwt Blt 2009 COSCO Dalian reported sold US$7.8 mill.

This week has seen a continuous strengthening of the Supramax spot chartering market with BSI reaching 992 points, translating in a daily T/C average of US$10,910 with same sentiment reflected in futures as well.

In the S&P front, the segment has also exhibited a buoyant activity in Japanese-constructed/supervised tonnage as well as Chinese, demonstrated in the reported/rumored sales of:

  • Tess 58 m/v Tenwa Maru (57,763 dwt blt 2017 Tsuneishi Cebu , BWTS-fitted) rumored/reported sold reg / xs US$17 mill to Japanese buyers.
  • Tess 58 m/v Sea Iris (58,117 dwt blt 2010 Tsuneishi Cebu, SS/DD freshly passed and BWTS fitted) reported sold LOW US$11’s mill to Greek buyers.
  • m/v Bulk Chile (55,486 dwt blt 2009 Kawasaki SS/DD Jan 2022) which rumored sold LOW US$10’s mill to Indonesian buyers.
  • Mitsui 56 m/v Global Phoenix (56,118 dwt blt 2010 Mitsui SS/DD passed with BWTS fitted) reported sold US$11.1-11.2 mill to Greek buyers.
  • Mitsui 56 m/v Sri Ganesh (56,039/2007 Mitsui, Japan, Cr 4x30t, (SS/DD 04/2022) – rumored in the market that sold at US$7.7 mill.
  • And the older m/v Santorini Queen (55,809 dwt blt 2005 Kawasaki SS April 2024 / DD April 2022, BWTS fitted) rumored sold region HIGH US$7’s mill to Vietnamese buyers.

Also during the week the string of Chinese-built Supramaxes sales continued, with the reported sale of Dolphin 57 m/v Southampton (56,795 dwt blt 2009 COSCO Dalian SS/DD April 2022) region US$7.8 mill.

Newbuilding contracting activity

The augmented activity in the Supramax S&P second hand market was complemented by a somehow steady build up in the NB orders, with some new contracting coming up in the surface from Japanese buyers amongst others in the form of a 2 firm units of 64kdwt at Tsuneishi Cebu yard at US$28 mill a piece, set for delivery in 2020, by Japanese buyers Nohma Kaiun with compatriot buyers Santonku Senpaku placing their bets with DACKS (Dalian Cosco Kawasaki HI) with an order of 2 firm Ultramax 61kdwt scheduled for delivery at 2022. Also, Turkish buyers Densay have placed an order with China Merchants Jingling for 2+1 Ultramax 63.5kdwt with deliveries set for November 2021 and 2022.

Metrics

As a final note, it is perhaps useful to briefly mention the basic metrics for the Surpamax/Ultramax market.

With 16% of total Ultramax/Supramax fleet 15 yrs old and older, orderbook currently stands for 8.2 mdwt/130 Vessels (12% of current fleet) for Ultramaxes and 1.4 mdwt/25 vessels (1% of current fleet) for Supramaxes as of July 2020, with deliveries scheduled for 2020 comprising of 54 Ultras (2.7 mdwt) and 7 Supras (0.4 mdwt), while figures for 2021 are 73 Ultras (4.6 mdwt) and 8 Supras (0.4 mdwt).

Total Ultra / Supra / Handymax orderbook to fleet ratio stands at 5% with 11.8-12 mdwt, as of July 2020.
Source: Eastgate Shipping

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