Dry CargoOperationsTankers

Weekly Broker: Activity picks up

The secondhand dry bulk sale and purchase market has seen a pickup of activities in the past week with improved sentiment in the chartering market, especially capesize earnings which have outperformed the rest of the market. Additionally, the generous discounts offered in the smaller size segments have started to attract owners who are looking to snap up cheap tonnage.

“On the dry bulk side, activity showed some signs of recovery this past week as a notable number of fresh transactions was seen across the whole spectrum of size classes. Vintage units once again were at the center of attention, as they still provide a better price profile. The improvement noted lately in terms of freight earnings and the recent drop of second-hand prices is likely to preserve interest at moderate levels for at least the rest of the second quarter,” Allied Shipbroking said in its latest weekly report.

More than six shipbroking houses listed the sale of the 2002-built 52,500 dwt supramax bulker Pacific Cebu. Greek owner First Lines sold the Tsuneishi Cebu-built vessel to Chinese buyers for a price of $4.8m.

Allied Shipbroking, Intermodal, Lion Shipbrokers and Lorentzen & Stemoco all reported a deal in which Japanese owner K Line sold its 2006-built 24,800 dwt handy bulker Glorious Future. The Japanese-built vessel was acquired by Greek buyers for around $4m.

“On the tankers side, the steady flow of fresh transactions was resumed. The vast majority of units sold this past week were product tankers, reflecting once again the positive stance being held by buyers on this sub-sector. Vintage units were the key focus here as well last week, as there are more keen sellers with vessels in this age class. The current moderate pattern in the SnP activity is expected to resume even after the recent correction in freight rates, as fundamentals continue to remain overall positive,” Allied Shipbroking stated.

Clarksons, Intermodal and Allied Shipbroking reported that Singapore’s TXZ Tankers sold its 2002-built 37,800 dwt MR1 tanker Banyan Pride in a sale and leaseback deal. The vessel is acquired by UK investment firm Mount Street Capital for an undisclosed price.

Intermodal reported an enbloc deal in which Japanese owner Sansho Kaiun sold two 2008-built 12,600 dwt product tanker Southern Dragon and Southern Giraffe. The two Japanese built vessels were sold to South Korean buyers for around $8m each.

There have been no containership sale and purchase deals to report in the past week.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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