S & P

Not much to report on dry s+p market this week. 

M/V CAPE PROVIDENCE (146,019 dwt 1987 blt Japan) is reported sold to Indonesian buyers at US$ 10.5m. The M/V NORSUL RECIFE (45,384 dwt 1985 blt Brazil) is sold Chinese buyers at US$ 5.5m while the M/V BESTSTAR (29,365 dwt 1987 blt Italy) is acquired by Canadian buyers at US$ 5.5m. 

The tanker s+p market remains quiet with limited enquiry across all major sizes. In terms of concluded business the M/T BLUE JASPER (105,905 dwt 2008 blt Namura) is committed at judicial auction in Hawaii to Hyundai Merchant Marine (HMM) for region US$ 42.5m (which incidentally was the minimum reserve bid). We understand there are 2 days subjects involved. As a reminder, in April, HMM also purchased her year younger sister the M/T BLUE SAPPHIRE (105,860 dwt 2009 blt Namura) at public action in Rotterdam for US$ 44.5m.

 NEWBUILDING 

With the summer now firmly upon us, the market has quietened somewhat, with lower levels of fresh enquiry being witnessed than in previous weeks. This is not to say however that the market has been too quiet and we have continued to see new business being concluded across the various market sectors including Container ships, LNG carriers as well as some dry and tanker ordering as well.

Whilst there has been a great deal of success this year within the containership and more specialised sectors such as Offshore and LNG, the more conventional sectors including both the Dry Bulk and Tanker markets have been far quieter. In response to this we continue to see the yards developing more efficient designs with the focus on improving fuel oil consumptions. With Oil continuing to trade at levels approaching to USD120 / barrel (Brent Crude) and bunker prices stubbornly hovering around the Mid USD 600s (IFO), efficiency will continue to be an important factor for owners and yards alike. It is this continued development of designs therefore that will likely be a key component to the future of ordering within these sectors going forward.

In terms of reported business; In Gas, it has been reported that in addition to their order at DSME, Maran Gas have also ordered 2 + 2 x 164,000cbm LNG Carriers at HHI to be built at their Samho facility with deliveries starting from End 2013 and continuing throughout 2014.

In Dry, Norr Systems, Singapore, have ordered 2 + 2 x 64,000dwt Bulk carriers at Taizhou Kouan Shipbuilding, although we understand this was signed in June. These ships will deliver throughout 2013 and are understood to have cost circa USD30 Mill per vessel.

In Containers, Graig Ship Management have been reported as having ordered 3 firm units of 2,000 TEU containerships set to deliver within 2013, along with a long series of optional vessels.

Finally in Tankers, Gulfnav have declared their options for 2 x 320,000dwt VLCCs at Jinhaiwan. These are the 3rd and 4th vessels of this series and will deliver in 2013 and 2014 respectively.