S & P

A sale that reflects a correction in prices for the modern Supramax sector is that of the Japanese controlled M/V MERIDIAN HALO (56,070 dwt 2006 blt Mitsui SB) which has now finally been sold for US$ 26.5m to undisclosed Greek interests with her SS/DD freshly passed.

An older handymax, M/V ENFORCER (45,508 dwt 1982 blt Tsuneishi) has been concluded at US$ 5mwith special survey due 9/2011. 

The Norwegian controlled handymax bulk carrier M/V ELLENITA (42,838 dwt 1984 blt Mitsubishi H.I.) has been sold for US$ 6m to Syrian buyers basis a charter free delivery in January 2012, whilst the future 32' type M/V EMPEROR (38,871 dwt 1986 blt I.H.I.) has been purchased at US$ 7.5m by Bangladeshi interests with her IS/DD being due promptly.

Bangladeshi buyers have reportedly also purchased the Handy laker M/V JUDI MUHIEDDINE (28,360 dwt 1986 blt Oshima S.B.) for US$ 5.8m. 

It has been a quiet week in the Tanker Sale & Purchase market.

We do continue to see some activity in the aframax sector. 

Offers were invited last week on the M/T CENTURY RIVER (107,212 dwt 1999 blt Koyo) and we understand that four offers were made in total and she is reported sold at US$ 19m to Bakri Bunkering. 

 NEWBUILDING 

With summer holidays for both owners and yards now fast approaching - the market is poised to take a brief respite and take stock of what has certainly been an interesting and active 1H of the year.

With the Major Korean yards now having, in most cases, fulfilled their sales quotas for the year, leveraging heavily from the Offshore, Container and LNG sectors, they have now positioned themselves with a comfortable forward cushion as we move into a potentially more challenging 2H of the year.

The newbuilding story this year, has very much been dominated by a higher value than volume dynamic - and it remains to be seen whether such high value and arguably niche demand, has now reached saturation point. For the moment the outlook is still relatively positive - LNG demand continues to push forward, with further reports of new business and declared options this week - and with a continued level of interest from the speculators - this may well continue into the second portion of the year. The Chinese yards are also now starting to press the Dry market again - both commercially and in terms of a new wave of high efficient eco designs - and as a result - the latter part of the year may well throw forth some further opportunity for owners to take advantage of competitively priced new technology.

In terms of reported business Shipping Corporation of India are reported to have order a single 3,500 TEU Vessel at Shenfei Rongsheng. There has been some good news for European Yards with Brodosplit in Croatia taking an order for one 14,000 dwt Heavylift Vessel for Jumbo Shipping.