S & P

In the Cape size sector understand that the M/V CAROUGE (149,383 dwt 1992 blt CSBC) sold to Chinese buyers for US$ 10.7m with special survey due 11/2012. Another late 90’s Japanese controlled Panamax has been sold this week. M/V ETERNAL WIND (71,372 dwt 1997 blt Namura) reported sold to Chinese buyers at around US$ 14.25m. This sale is slightly firmer than the sale of M/V PLEIADES (69k dwt 1997 blt Imabari) two weeks ago at US$ 13.8m. This may reflect the larger deadweight of the first. 

The Handysize M/V SOUTHERN SPIRIT (29,482 dwt 1998 blt Shin Kurushima) is sold to undisclosed buyers for US$ 14m including a 3 year t/c back at US$ 10,000 pd while the box hold type M/V SANKO ETERNAL (27,917 dwt 1996 blt Naikai) has obtained US$ 10.3m from Greek buyers. Two Woodchip carriers reported sold previous week; the M/V OJI NEW CENTURY (43,906 dwt 1996 blt Sanoyas) is sold at US$ 11.75m while the older M/V PRINCE OF OCEAN (41,639 dwt 1991 blt Sanoyas) which was lying at Port Klang with class expired as of 7/2011 has been sold to Chinese buyers for US$ 4.4m on an “as is” basis. 

Sales within the tanker S+P market include the sale of the non-Panamax beam M/T ALLORO (66,000 dwt 1997 blt Namura) which has been sold at auction in Malta to Greek buyers at EUR 3.9m (touch in excess of USD 5m). Against her ldt of 12,842, the delivered (sub-continent) demo price today would be in excess of US$ 6m!! 

Although following sale remains to be confirmed, understand that the product tanker M/T FABRIZIA D’ AMATO (40,081 dwt 2004 blt China) is committed to Perseveranza at US$ 19m. The Sovcomflot’s M/T TAMBOV (40,727 dwt 1996 blt Brodosplit) is gone at US$ 11.2m having passed her SS/DD in September 2011.   

NEWBUILDING 

As we enter December and the final few weeks of the year, one could be forgiven for thinking that the shipbuilding market would begin to quieten down. Though enquiry does remain a little subdued, the week has seen further reports of new business being concluded, with vessels being ordered across a wide spectrum of sectors and this should provide those (yards) still aiming to hit their yearly order targets a little optimism and potential festive cheer.  

In terms of the reported business this week; Shanghai Waigaoqiao are reported to have won a further pair of 206,000dwt Capesize Bulkers from clients of Polembros Shipping. We understand these vessels are the declared optional units from their deal done a little earlier in the year and are provisionally due to deliver End 2013 and 1Q 2014. It is perhaps no coincidence these options have been declared around the time when the Baltic Cape Index has climbed on consecutive days for over a week and has this year increased by over 240% since its low point in January. This upward trend has clearly helped to temper some owners concerns over the forward orderbook and with the current levels of pricing and the general lack of ordering (in this size) this year it is perhaps not surprising to see this latest addition to the orderbook. Pricing for this latest deal is understood to be at the same level as the initial units, in the region of USD 53 Mill per vessel. In other dry news, clients of Kyma Ship Management are reported to have placed an order at Jinhai Heavy Industries for 1 option 1 x 64,000dwt Bulk carriers. The firm unit is expected to deliver in early 2014 and pricing is believed to lie in the region of USD 28 Mill.

In Tankers, GSI are reported to have converted their order with Tomasos Brothers interests from 2 x MR Tankers to 4 x 37.5K Handy Tankers. Although pricing is not known, deliveries are scheduled in 2013 and 2014.

In Gas; it has been reported that Maran have declared their options at HHI for 2 x 164,000CBM LNG Carriers with these vessels due to deliver in Dec 2014 and Apr 2015 respectively. Lastly, Geogas Maritime have ordered 1 option 2 units of 35,000cbm LPG carriers at Hyundai Mipo with the firm unit due to deliver in 4Q 2013