The subdued dry bulk chartering scene has spilled over into the secondhand ship sales segment with another quiet week of limited concluded deals.
Despite owners’ interests in securing tonnage before the fourth quarter starts, the market is still expected to see some volatility as most market participants continue to hold a bargain hunting attitude. Prices pitched are not meeting what sellers are willing to part ships with.
In the dry bulker chartering market, according to Alibra, rates have been under pressure for yet another week with few period fixtures reported across all sizes and it remains to be seen which direction the market will move for the remainder of the week.
“On the dry side, things were relative subdued during the past week, in line somehow with the downward correction noted in the freight market as of late. On the other hand, while most segments witnessed a rather sluggish level of activity, S&P transactions for handysize vessels showed some positive momentum, with interest varying across different age levels. Notwithstanding this, we may well expect an bullish attitude to take shape now, though given the price levels being noted it will be a while before any further price increases can be noted,” Allied Shipbroking said in its latest weekly report.
Banchero Costa, Lorentzen & Stemoco and Advanced Shipping & Trading all reported the sale of the 2002-built 177,600 dwt capesize bulker Ocean Celebrity.
The Japanese-built vessel was sold by Japanese owner Nissen Kaiun to Greek interests for $13.5m.
More than five shipbroking houses reported a transaction in which South Korean company Acuon Capital sold its 1996-built 28,400 dwt handy bulker Bobae Frontier to Chinese interests at a low price of $4.6m.
Additionally, numerous shipbroking houses listed the sale of the 1999-built 31,000 dwt handy bulker Maestro Tiger. The Japanese-built vessel was sold by Swiss owner Maestro Shipping to Chinese interests for a strong price of $6.5m.
“On the wet side, overall activity seems to be holding at relatively fair levels for the time being, given the overall trend noted in the year so far. Moreover, as we have witnessed before, most market participants continue to hold a rather ‘bargain hunting’ attitude, something that should continue to feed a fair volatility with periodical ups and downs in terms of number of vessels changing hand,” Allied Shipbroking said.
Banchero Costa, Allied Shipbroking and Lorentzen & Stemoco all reported a deal in which Japanese owner Kyoei Tankers sold its 2004-built VLCC Kai Ei to Greek owner Embiricos. The Japanese-built tanker has fetched a price of $23.5m. Last month, Embiricos also acquired a 2006-built VLCC, called Gloric, from Nereus Shipping for $33.3m.
Mutiple shipbroking houses reported an en bloc sale of two 2009-built 46,000 dwt MR tankers High Beam and High Current while Lorentzen & Stemoco has identified the buyer as Danish owner Celsius. The two vessels were sold for $15m each.
In the secondhand containership sale and purchase market, Intermodal listed a deal in which the 2002-built 735 teu feeder boxship Conmar Delta was sold by German owner Conmar Shipping to Malaysian company Habour Link for a price of $3m.