S & P

The focus this week has been very much on the panamax sector, particularly the rumoured

negotiations and sales of post 2000 built tonnage. With a number of ships being withdrawn recently,

both Buyers and Sellers’ priority is trying to establish a benchmark for the values.

The M/V EMERALD STREAM (76,868 dwt 2003 blt Oshima) is reported sold to Greek interests having achieved a firm price of US$ 14.25m. The supramax M/V VEGA PIONEER (52,466 dwt 2002 blt Sanoyas) reported sold to Oldendorff for US$ 14.5m while an older handymax, M/V VOSHOD 2 (47,639 dwt 1995 blt Oshima) was sold within Turkey for US$ 7.2m.

The Tanker S+P market, this week, has seen an upswing in activity centred on the products sector; the M/T RIO LUXEMBOURG and M/T RIO LILLEHAMMER (75,338 dwt 2011 blt Hyundai) is sold to Greek buyers at a price of US$ 28.8m each. Clients of Uljanik Plovidba have sold the M/T PULA (46,941 dwt 2006 blt 3 Maj) to clients of Borealis Maritime for US$ 21m with 5 years bb back at $8500 pd. Nisshin Shipping have now sold to other Japanese interests the IMO II MR product carrier M/T WILDEBEEST (39,999 dwt 2009 blt SLS) for US$ 21m while the M/T NORDAMERIKA (35,775 dwt 2000 blt Daedong) to UAE interests at region US$ 12.5m.

NEWBUILDING

With Gastech taking place this week, all of the major Yards from Korea and Japan have had their senior representatives in London to not only have discussions with their existing customers about current and future projects, but also looking to discuss new business with others. Unlike last year in Holland where we saw a number of contracts being finalised, this week we have only so far seen one signing ceremony, for that of a singular 170k cbm FSRU at HHI for Clients of Hoegh LNG at a reported USD 270 Mill to take their current series of such sister vessels to four.

In the more conventional markets, there seems to be a little more general enquiry, with new business concluded in various asset classes. This increase in activity will no doubt be music to the ears of the shipyards who typically look to the beginning of the fourth quarter of the year as one of their busier periods for new business. We expect over the coming weeks that the dry and container sectors especially will see further concluded contracts being reported.

In terms of reported business in dry, Clients of Oldendorff Carriers have placed an order at CSC Jinling Shipyard for three 39k dwt Handysize bulkers and a brace of SDARI 82k dwt Kamsarmaxes at a price understood to be circa USD 22 Mill per vessel and circa USD 26 Mill respectively, with delivery set to commence from the 3Q 2014. It is also understood that the Buyers have options for a similar number of repeat vessels to be declared next year.

In the Container sector, Clients of B Schulte, along with their investment partners at JP Morgan, have ordered two firm ships each of their own modified 2,700 TEU design, along with two optional Vessels at the Chinese Yard Zhejiang Yangfan, at a price understood to be circa USD 26 Mill. The size of the ships are slightly larger than the 2,200 TEU orders we saw earlier in the year from various Greek Owners as we understand that the Chinese design house SDARI have lengthened the vessel in order to load more containers as well as to accommodate the new G type engine. Delivery will commence from July 2014 and if all the options are declared, the final ship will deliver in September 2015.

In Gas, the Swiss based Clients of Geogas have ordered one option one 9,000 cbm semi-refrigerated LPG ships at STX’s smaller Busan facility in Korea. It is understood that the pricing is USD 27 Mill with delivery for the firm Vessel within 3Q 2014, with a yet to be decided date in 2015 for the optional Vessel. Hyundai Mipo have been successful in winning an order for two stainless steel fruit juice carriers from Clients of Atlanship of Switzerland. We understand the ships are costing circa USD 40 Mill each and delivery for the first vessel will be within the end of next year.

Finally Compagnie Polynesienne de Transport Maritime (CPTM) have placed an order for a single 5,000 dwt MPP vessel with passenger capacity at Shandong Huanghai Shipyard in China with delivery penned for July 2014 for an undisclosed price.