Dry Cargo

Chinese-built capes commanding big numbers

A rare finding has emerged in this weekend’s broker reports that are still filled with cape sales, creating an atmosphere where positivism rules.

This week, Chinese-built tonnage is being sold at the same level as Japanese-built tonnage was sold at the beginning of the month.  The cape deal of the week was completed by Greek owner Alassia Newships, selling the 12-year-old 177,000 dwt Cymona Iron, a scrubber-fitted bulker built at Shanghai Waigaoqiao. Brokers note that the ship fetched just under $27m.

In comparison, the similar-sized, same-aged but scrubberless AM Gijon, built at Mitsui Ichihara, sold for just under $26m earlier this month.

The price tags attached to the two deals show firming prices at a time where rates have been hitting $30,000 a day for the first time this year.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
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