S & P

The smaller sectors of bulk carriers have once again dominated the sale and purchase activity thisweek.

The high-spec Japanese-controlled M/V ANSAC ASIA (33,945 dwt 1998 blt Kanda S.B.) has been sold at excess US$ 17m to Greek interests. 

European buyers purchased two modern handysize sister vessels enbloc, spending US$ 19.75m fM/V ACE BULKER (28,498 dwt 2003 blt Imabari S.B.), while the slightly older M/V NORDIC BULK(28,458 dwt 2002 blt Imabari S.B.) fetched US$ 18.75m. 

Far Eastern buyers are reported to have purchased Greek-controlled M/V PROGRESS (41,098 dwt1984 blt Oshima S.B.) at US$ 6.5m while M/V ANGEL PEARL (38,888 dwt 1984 blt IHI) reported sto Vietnamese buyers for US$ 6m.

STX Panocean have sold another handymax vessel, M/V OCEAN ROYAL (39,804 dwt 1987 blt HaH.I.) at US$ 8m to Chinese interests who waived inspection.

Clients of Gemek Denizcilik have sold the last handymax of their fleet, M/V ALI EKINCI (37,415 dw1982 blt Imabari S.B.) at US$ 5.6m.

The M/V GOLD STAR (36,850 dwt 1984 blt Japan) reported sold at US$ 5.5m to Chinese buyers. Finally, M/V SEA MASTER (23,743 dwt 1985 blt Usuki) has been sold for US$ 5m. 

In the tanker S+P market, Bumi Armada is reported to have purchased the M/T CAP LAURENT (147,436 dwt 1998 blt Samsung) for US$ 26m. 

M/T SAKURA EXPRESS (45,718 dwt 2004 blt Minami Nippon) has been sold at a price in the US$ 24.5m to Vietnamese buyers however understand subjects still outstanding. 

NEWBUILDING 

As we approach the mid point of the year the newbuilding market continues to be interestingly poised. Whilst we have not seen any new container orders placed this week, we have continued to see a healthy amount of market activity with reports of business being concluded in the Dry and Gas sectors.

The lack of container contracting this week is not however reflective of a diminishing interest in the market with continued talk of large orders being placed/discussed at the major Korean yards. The talk in the market thus far has been about the continued success of the major Korean shipyards, much of which has been brought about by this renewal in container ordering. This when combined with new offshore contracts and ordering in other niche sectors such as LNG has allowed many of the top yards to announce very healthy sales figures, with many of the yards well on their way to achieving their 2011 targets.

In comparison, China has thus far witnessed a far quieter year than it did in 2010. Whilst it has enjoyed some success with container ordering, this has been against the backdrop of the large scale success of the Korean yards as they aggressively pursued new orders in the early stages of the year. This, when combined with the drop off in demand in the Dry sector has left many of the yards facing an uphill struggle to fill their excess capacity and as such the second half of the year could well see the Chinese yards begin to move more aggressively to compete with Korea, as they look to secure their future production lines.

In terms of reported business; In Dry, Ocean Agencies are reported to have signed 4 x 63,000dwt Supramax Bulkers at Dayang Shipbuilding with deliveries due from 2Q 2012 onwards and at a price in the region of USD32.5 Mill. Although this deal is only now being reported we understand it was in fact signed earlier this year. U-Ming Transport are also reported to have extended their order for Large capesizes at SWS with an additional 2 x 206,000dwt Vessels both of which will be delivered within 2013.

In Gas, Solvang are reported to have placed an order at Hyundai H.I. for 1 option 1 x 84,000cbm LPG Carriers. Although the price is not yet known for this order, the firm vessel is understood to be due to deliver in 3Q 2013.

Finally in Wet, Guangzhou Hangtong have signed with an unknown Singaporean owner for a pair of 5,000dwt Product tankers. These vessels will deliver in 2012 & 2013 respectively, pricing is not known.