S & P

In the cape segment, the M/V C FRONTIER (176,000 dwt 2012 blt Jiansu Rongsheng) is reported sold for US$ 34.5m to Zodiac.

Geared Panamax M/V CIELO LUCIA (73,852 dwt 1999 blt Sasebo) has been purchased by Chinese buyers for region US$ 10m, while the grearless M/V TARANG (70,321 dwt 1989 blt) sold for US$ 4.15m.

Buying interest in Handymax/Supramax, 8-12 years old bulker remains very high, especially from Greek owners. This week we can report the sale of M/V CURIA (51.029 dwt 2001 blt Oshima) for region US$ 13.9m to Greeks interests who waived physical inspection. The M/V MAHA AVANTI (43,469 dwt 1991 blt Tsuneishi) reported sold to Greek buyers for US$ 5.8m.

In the Tanker S&P market, the medium range tanker M/T HOUYOSHI EXPRESS (47,999 dwt 2004 blt Iwagi) has sold to Greek buyers for US$ 14m. The stainless steel chemical tanker M/T RASAWULAN (10,332 dwt 1996 blt Asakawa) is sold to undisclosed buyers for region US$ 5.5m. The two small pressurized LPG tankers “PACIFIC GAS” and “BORAL GAS” (2,300 cbm 1991 blt Fulton Marine) have been sold to Vietsa, Vietnam for US$ 2.35m each.

NEWBUILDING

This week, we have again seen further ordering across the various conventional asset classes, however it is interesting to note that the PCTC sector has again won further orders. We have already seen 25 firm Vessels contracted this year in the 3,500-7,300 CEU sector and with further options due to be declared within the end of this calendar year, we might see this number creep into the 30’s. This will be the most significant ordering in this sector in recent years, with only four firm vessels ordered last year, 21 in 2010 and 12 in 2009. As we have seen in the other conventional sectors, the ship designers have been working hard and have made significant reductions in the fuel oil consumptions of these new orders compared to the Vessels already on the water. The main debate amongst the owners and operators has been over choosing a panamax (sub 7,000 CEU) or a post-panamax beam design and to this date, the more traditional panamax beam design parameter has been the one to attract the most orders.

In terms of reported business; In the aforementioned car carrier market, STX are reported to have won an order for two option two x 6,500 CEU PCTCs. These have been ordered by clients of Zenith Partners Korea Co. and will be built at STXs main facility in Jinhae, Korea. The two firm units are scheduled to deliver in 2015 and pricing is understood to stand in the region of USD 65 Mill per vessel. Hyundai Mipo meanwhile are understood to have won a further order from the Grimaldi Group for a further pair of 28,600dwt Con-Ros. These are understood to be the declared options from their original deal for 3 units signed in September, bringing the number of vessels ordered in the series to five in total. The latest pair are also expected to deliver in 2015 and pricing understood to stand at circa USD 70 Mill per vessel.

In containers, Hanjin are reported to have won an order from clients of NSC Holding GmbH for a pair of 9,000 TEU container carriers. The deal is understood to hold options for up to as many as four additional vessels and pricing has been reported at USD 81.65 Mill per vessel. The two firm units are provisionally to be scheduled to deliver in Jul & Sep 2014. Part of the funds for this order will have come from the money Clients of NSC left behind from their cancelled order for four 13,000 TEU Vessels back in the peak of the market in summer 2007.

Finally in Dry, it was reported that U-Ming had ordered a pair of wide beamed 84K Bulk carriers at Oshima Shipbuilding for delivery in 2H 2014. The vessels were reportedly contracted at a price of circa USD 33.5 Mill which whilst seems somewhat rich, we understand this deal was concluded earlier this year, hence not only the price but the relatively early deliveries.