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Weekly Broker: Bargains to be had

Capes are seemingly poised for liftoff judging by the FFA markets this week while tanker prices have dropped to bargain basement levels and boxship charter rates are hitting record levels. Is it any wonder then that S&P brokers’ phones have been ringing off the hook of late? There’s money to be made across the board as Q4 heaves into view.

Allied Shipbroking’s indicative tanker values show average prices for almost all tanker types have dropped in the past month. Most notably, average prices for 15-year-old 150,000 dwt suezmax and 10-year-old 150,000 dwt suzemax tankers have dropped by around 10% and 8.8% respectively, prices that are tempting some to open their wallets.

“A glimpse of light is anticipated by owners as we move towards the end of the year. It is widely hoped that traders will push to complete their programs by the close of the year to meet their minimal annual objectives,” commented Dimitris Kourtesis, a tanker broker at Intermodal, on hopes for a better final quarter of the year.

Multiple shipbroking houses reported the sale of the 2005-built 111,000 dwt aframax tanker Pelagos. Greek owner Delta Tankers sold the vessel to Indonesian owner Waruna Group for $14.75m.

More than eight shipbroking sources reported that Japanese owner Yamamaru Kisen sold its 2010-built 46,000 dwt MR tanker Ocean Laurel to Greek owner Spring Marine. The vessel has fetched a price of $15m.

The secondhand dry bulk scene continues to flourish as an uptick in general earnings has been seen in the past week.

Allied Shipbroking, Intermodal and Lorentzen & Stemoco all listed the en bloc sale by Cypriot owner Western Maritime. The company sold four 37,000 dwt handy bulkers, the 2012-built Western Bohme and Western Fedora and the 2013-built Western Carmen and Western Lucrezia to undisclosed buyers for $10.75m each.

Advanced Shipping & Trading reported that Greek owner Alpha Bulkers Shipmanagement sold its 2000-built 170,000 dwt capesize bulker Alpha Century. The Japanese-built vessel is believed to have been sold to Chinese buyers for $8.25m.

More than six shipbroking houses reported the sale of the 2010-built 56,118 dwt supramax bulker Global Phoenix. Japanese owner Sanzo Enterprise sold the Japanese-built vessel to Greek owner Graham Shipping for $11.25m.

In the secondhand containership sale and purchase market, according to Braemar ACM Shipbroking, even more buyers are returning to the market as the charter market continues to firm but workable sales candidates at realistic levels remain few and far between.

“Buyers are unwilling to take too much of a risk on smaller vessels given the charter periods available from the lines are still relatively short, on the flip side, owners are now seeing rates firm enough to warrant fixing into next year when they believe asset prices will have caught up,” Braemar said.

Alphaliner reported that Greek owner Goldenport Shipmanagement has taken over the 1,841 teu sister ships 2008-built San Amerigo and 2007-built San Alfonso from German owner Claus-Peter Offen.

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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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