The resale of a kamsarmax newbuilding at a relatively solid price offers an indication that the seemingly endless fall of asset values in the dry bulk market might also be taking a break.
Brokers reported an 81,700 dwt bulker under construction at STX O&S’ Jinhae shipyard in South Korea, was resold to Illios Shipping of Greece for a price of approximately $33m, with delivery scheduled this year.
According to shipbroker Clarksons’ database, the vessel was originally ordered by Greek shipowner Trojan Marine in May 2007. Whether Trojan cancelled its order or resold the vessel is unknown.
While the $33m reportedly paid fell short of the rumoured $35m asking price, it represents a stable level with the last comparable resale earlier this month, that of a 75,200 dwt panamax under construction at Penglai Jinglu to Brazilian shipowner Norsul Navegação, for $30m.
However, it is worth noting that the Baltic Exchange’s price assessment for five -year-old, 72,000 dwt panamaxes levelled off at the end of October and has since remained level reaching $27m today after falling for over a year from almost $40m in mid-August 2010.