S & P 

It has been a busy week in the Dry S+P market this week;

In the Capesize sector M/V CAPE WISTERIA (172,846 dwt 1997 blt NKK) reported sold to Japanese buyers for a price of US$ 15m. Sale includes a 2 years TC back - rate undisclosed. In the Supramax sector, the Pusaka Laut PTE controlled M/V MARITIME CUATE (50,244 dwt 2002 blt Mitsui SB) which invited offers earlier this week is committed to PNSC Karachi for a price in excess of US$ 16m.

On Handies, the Japanese (Santoku Senpaku) controlled bulker M/V RANUNCULUS (29,678 dwt 2005 blt Shikoku) is understood to have been sold to undisclosed buyers for US$ 14.8m while Daiichi’s M/V GLOBAL NEXTAGE (24,830 dwt 1996 blt Shin Kurushima) is sold at US$ 8m with 3 years timecharter at US$ 8,500 per day.

Some vintage bulkers have also changed hands; Chinese buyers have picked up a couple of older handymaxes namely M/V ATLANTIC MONTERREY (45,263 dwt 1986 blt Osaka) at US$ 3.95m and M/V CORDELIA (40,763 dwt 1986 blt Sanoyas) at US$ 3.1m while Syrian interests have purchased the M/V IKAN MANZANILLO (34,062 dwt 1983 blt Mitsubishi) for US$ 3.6m.

Not much to report in the Tanker S+P market.

The ex Iino controlled stainless steel chemical tanker M/T CHEMSTAR DUKE (19,441 dwt 2000 blt Shin Kurushima) reported sold to South East Asian Buyers at US$ 12.25m.

LPG carrier PACIFIC HARMONY (75,387 cbm 1990 blt Kawasaki) is said to have been sold for US$ 19.5m.

NEWBUILDING  

The Newbuilding market has quietened this week, in stark contrast to last, with only one new order reportedly being signed. Fresh enquiry also remains somewhat limited, but this is perhaps unsurprising as we move further into the summer period, where many owners are increasingly looking forward to their vacations, thus limiting potential impetus for any new negotiations.

As mentioned there has only been the one order placed and that was by clients of Neptune Shipping in the PCTC Sector. This sector has been a relatively quiet one over the past 18 months - however this latest order, for 2 units, highlights an increasing ordering trend, with 7 vessels having been contracted in the past three months. HHI, Imabari and Hyundai Mipo, all yards with a good history of building in this sector, have been successful in taking these orders in the first half of this year. As has been the case across the various sectors, the yards have worked hard to redevelop their designs and this is now beginning to reap dividends as owners and operators increasingly begin to take note of these newer more efficient designs and the savings that can be realised from them.

Across the other conventional sectors, there does remain some enquiry, albeit relatively limited and as has been the story of the year so far, will likely continue to be driven by owners looking at the yards and their newer more efficient designs. Within Japan, Korea and China competition looks to remain fierce between the yards, as they compete for this limited demand and it will be interesting to see how the yards look to differentiate themselves from each other as they work to bring in new business.

In terms of reported business , Hyundai Mipo are said to have signed a contract for 2+2 PCTCs with clients of Neptune Shipping. The units are capable of carrying 3500 cars and are provisionally scheduled to deliver in Nov 2013 and Feb 2014. Pricing has not been disclosed.