S & P

The K‐Line controlled capesize M/V CAPE AWOBA (171,978 dwt 1996 blt Kawasaki) is understood to have been sold after 5 buyers inspected recently in China. The price is being reported region US$ 12.2m to Berge Bulk. The Fu Yuan Shipping controlled M/V PACIFIC RICH (40,864 dwt 1986 blt Sanoyas) is understood to have been sold to Chinese buyers for US$ 3.1m. Clients of Petrobulk Maritime in Greece are understood to have sold the M/V ATHENA (28,458 dwt 1995 blt Kanda) for a price of US$ 5.85m. The buyer remains undisclosed at this stage.

In the wet market, there has been some activity especially in the products sector.

The 3 Admanthos Shipping managed, uncoiled sister MR Tankers M/T SINBAD, M/T GALAHAD and M/T NOMAD (44,999 dwt 2003 blt Hyundai) have been sold at region US$ 15.5m each.

NEWBUILDING

As the year gathers pace, we continue to see a steady stream of new orders across all sectors of the shipping markets as Buyers realise that competitively priced opportunities and deliveries are potentially slowly starting to slip from their grasp. As with last week the majority of ordering has been in Dry, as Buyers continue to take advantage of the historically low pricing that yards are still offering

whilst they still can. However, as reported last week there are less and less opportunities for Buyer's to focus on as yards fill any remaining 2014 capacity and it will be interesting to see how far Yards are able to push pricing up in the coming months especially when rates are not necessarily there to justify any significant premium on newbuild prices at this stage of the cycle.

On the Wet side, as has been the story for most of 2012 and the start of 2013 we have seen more investment in the products side and we see no sign of any significant let up in enquiry levels for this sector, so fully expect Buyers to continue to invest money into this burgeoning order book.

Overall, yards must be quietly pleased at how well 2013 has started off, especially when compared to 2012 and they must be crossing their fingers that the year continues in the same positive fashion for the next ten months!

In terms of reported business, in the Dry sector, Bocimar have declared their options for 4 x 36,000 dwt at Weihei Samjin with deliveries commencing from March 2015. Marmaras Navigation are reported to have placed orders for 4 x 180,000 dwt Capes at Sungdong Shipyard with deliveries being slated throughout 2015 and 2016. Oshima Shipyard has successfully taken orders from Taiwan Navigation for 2 x 60,000 dwt Supramax at a reported price of USD 27.3 million each with deliveries set for September and December 2015.

On the Wet side, Hyundai Mipo Shipyard has hogged all the limelight yet again securing 4 x 50,000dwt MR orders from Gestion Maritime with all deliveries set to be in 2015. The same yard also managed to secure 2 x 36,000dwt MR options being declared by Scorpio Tankers with deliveries set for end 2014.

Lastly, in Containers Dalian Shipyard secured options being declared for 4 x 3,900 teu Container Vessels from Pacific International Lines with all deliveries reported to be arriving throughout 2016. No pricing was reported.