As is the case during this time of year, the biannual international fair of Posidonia is expected to draw the crowds and help conclude many newbuilding deals which have been in the making for the past few weeks. Offering the opportunity of direct meeting between ship owners from the world's largest ship owning nation (Hellas) and shipyards from all around the world, Posidonia has always been the largest gathering of the international shipping community.
As expected prior to this event, things tend to slow down in the sale and purchase and newbuilding markets. In its latest Lion Shipbrokers noted that owners and brokers alike are enjoying the pleasure of networking in Posidonia's social events. "On the dry bulk side, we have few fresh candidates coming from Japan market, attracting dozen of inspections. We understand that owners of supramax MIMOSA (53K BLT 2007/JAPAN CR 4X30T) have invited & received offers on the low side this week and are now inviting for more inspections. In addition to our last week’s report, we understand that modern panamax sisters XIAO XIAO & XIAO YU (76K BLT SEP & NOV 2011 HUDONG/CHINA) have changed hands en bloc within China for $24 mill each including 2 years time charter back at a rate of $17,000 per day. Last week’s reported sale of geared panamax FEGGITES (69K BLT 1989 HYUNDAI/S.KOREA CR 4X30T SS DUE 02/2013, LDT 10600) for $5.7-5.85 mill from Chinese buyers have fallen through, as vessel is again circulated in the market for sale. Korean controlled older handymax OCEAN TRADER (40K BLT 1987/S. KOREA CR 4X25T LDT 8968) has been snapped by Chinese buyers who waived inspection and paid $4.2-4.3 mill, having a scrap price of $3.6 mill, indicating further softening of 80’s built tonnage prices. Syrian buyers have acquired older handy NIKOLAOS (34.5K BLT 1984/JAPAN CR 4X25T LDT 6596) for $3.2 mill with dry-dock surveys due, basis prompt delivery at Iskenderun-Turkey. Further to our last report, we picked up that handy APEX BULKER (33K BLT 2003 KANDA/JAPAN CR 4X30T) has changed hands within Taiwan for the firm price of $14.5 mill. We heard that 10-year old handy AZURITE OCEAN (32K BLT 2002 HAKODATE/JAPAN) has been inspected by 10 parties, half of them being Greeks" said Lion Shipbrokers.
It went on to add that "in the tanker segment, MR resale GAN-TREASURE (EX H 2176, 51K BLT 2012 HYUNDAI MIPO/S. KOREA) has gone to Greek buyers for $31 mill. In addition to last week acquisition of MR FREJA FIONIA (54K BLT 2007 SHIN KURUSHIMA/JAPAN PUMP-ROOM) for $21.5 mill, clients of Thenamaris have also purchased aframax RUBY RIVER (107K BLT 2004 KOYO/JAPAN) for $21.5-22 mill. Russian buyers have committed en bloc chemical tanker sisters WEDERSTERN & ODERSTERN (11K BLT 1992/GERMANY IMO 2 COATED/COILED) for $4.5 mill each. Great Eastern of India have disposed their older LPG unit JAG VIRAJ (17.5K BLT 1991 HYUNDAI/S. KOREA) for $9.5 mill to clients of Negmar of Turkey" mentioned the shipbroker in its report.
"On the container/mpp front, Greek buyers have paid the firm price of $5 mill for cellular & geared BV 1700 type containership MARLENE S (23K BLT 1995 MTW/GERMANY 1684 TEUS CR 3X40T LDT 7000) basis dry-docking survey freshly passed. Hi-spec, super-ice class MPP unit ATLASGRACHT (12K BLT 1991/HOLLAND 1 BOX HO/3 HA 679 TEUS) has gone to undisclosed buyers for the strong level of $7.5 mill" added Lion.
Finally, "in the demolition sector, the situation in subcontinent is still unstable and rates continue being weak due to overcapacity of breaking yards & lack of end-users. This week’s prices are ranging between $405-415 for bulkers, at $430 for tankers and between $415-418 for container vessels. China was not active this week while Turkey was affected negatively paying $330 for bulkers & $340 for tankers and containers" the report concluded.