S & P 

In the Panamax sector, the modern Panamax M/V LUO JIA (79,600 dwt 4/2012 blt Jinhai Heavy) reported sold for US$ 23m to undisclosed buyers.

In the Supramax sector, the sisters vessels M/V THALASSINI NIKI and M/V THALASSINI KYRA

(58,923 dwt 2010 blt SPP) reported sold for US$ 22m each to Greek buyers. The Handymax M/V GLOBAL OCEAN (45,600 dwt 1997 blt Tsuneishi) is also reported sold to Greek buyers at US$ 8.5m on “as is” terms with ss/dd due next month.

Clients of Norsul Brazil have purchased a 30,000 dwt prompt delivery resale delivering from Tsuji Heavy Industries for a price of US$ 20m; namely M/V FENGLI 12.

In the Tanker S+P market, c/o Knightsbridge Tankers have committed the 1996 built VLCC 'HAMPSTEAD' (298,306 dwt 1996 blt Daewoo) to undisclosed buyers at region US$ 24.5m. Basis today’s demolition prices this represents a premium of over 30% to what would have been received should she have been sent to the beaches of the sub-continent.

The M/T BM BONANZA (105,614 dwt 2008 blt Mitsui) has been bareboat chartered to Tanker Pacific for 2 years at an undisclosed rate followed by a purchase obligation at US$ 25m.

Turkish buyers have agreed to pay US$ 17.5m for Exmar’s refrigerated LPG carrier TIELRODE (34,754 cbm 1993 blt Kawasaki).

NEWBUILDING  

With most of the Yards in the East currently enjoying their week or so of summer holidays, it is unsurprising that the Newbuilding market has been a relatively quiet one this week. Pricing continues to remain under pressure and with many of the European Owners now taking a step back to enjoy their traditional August summer holidays, thus further limiting demand, expect this will remain the case for the coming months. With all these various holidays, a flurry of activity in the market should not be expected over the coming weeks and expect it will not be until September that the market begins to pick up again and we can see how pricing evolves will evolve moving forward. With the typically busier period in the dry markets towards the end of Q3 and the Yards still developing new designs this will no doubt help the Yards to win further business too.

Although much has been made of the fuel efficient designs and the potential cost savings for owners in ordering these, it is important to remember that these new design will also help owners to meet the new regulation changes, due to come into force in the near future - specifically in regards to NOX/Sox reductions and EEDI ratings. The combination of the short term savings and added benefit of meeting upcoming regulations, should no doubt see the Yards winning further business in the future ¨C albeit, as long as we see some let up in the financial turmoil we are still seeing here in Europe and the tumultuous debt markets.

In terms of reported business; In Tankers, Odfjell ASA have announced the signing of 4 option 4 x 46,000dwt high spec Chemical tankers at Hyundai Mipo. The vessels are understood to have 22 tanks and will deliver from between Jan and July 2014. Pricing has been reported in the very high USD 30s Mill per vessel. Meanwhile, STX are reported to have won an order for 2 option 2 x 52K Product tankers from clients of Wilmar Holdings. The vessels are understood to be built in the yards Dalian facility in china and will deliver in 2015. Pricing not disclosed.

In containers, clients of Eastern Med Maritime are understood to have further increased their orderbook at Guangzhou Wenchong by placing an order for 2 option 2 x 2,200 TEU container carriers. Pricing has not been disclosed though expected to be in the region of just under USD 26 Mill, in line with that of the recently announced deal at the same yard by Clients of Lomar. Delivery will be from 2Q 2014 onwards.

Finally, in other sectors, Fincantieri are understood to have won an order for and 800 passenger, 180 Car Ferry from STQ Canada which is scheduled to deliver in 2014.Pricing has been reported at USD 146.5 Mill.