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Weekly Broker: Cape bargains on offer

The dry bulk sale and purchase market has picked up again despite the recent sluggish freight market with bargain hunters able to nail price discounts in the larger size segments.

Allied Shipbroking’s indicative dry bulk values show that the average price for five-year-old 180,000 dwt capesize bulkers has dropped by 3.2% in the past month while average prices for five-year-old 82,000 dwt panamaxes and 10-year old 76,000 dwt panamxes also dropped by 2% and 3.4% respectively during the period.

“On the dry bulk side, a fair number of transactions took place this past week, with buying interest being spread across different sizes and age groups. The positive momentum in the freight market during the summer months seems to have led several owners to look into making further additions to their fleets. This pattern is likely resume over the following weeks, as a more positive investment approach seems to have taken hold of the market for now,” Allied Shipbroking said.

Splash already reported earlier this week that JP Morgan Global Maritime acquired two modern capesize bulkers, Celigny and Corsier, from SwissMarine for $42.5m each.

Both Clarkson and Intermodal listed the sale of the 2005-built 177,500 dwt capesize bulker Aristofanis I. The Japanese-built vessel is believed to have been sold by Greek owner Capital Maritime and Trading to South Korean buyers for $16.65m.

Multiple shipbroking sources reported the sale of the 2010-built 93,000 dwt post panamax bulker John Wulff while Intermodal identified the buyer as Greek owner Panos Laskaridis-led Lavinia Corporation. The Chinese-built vessel was sold by German owner Peter Dohle for a price of $12.5m.

Lorentzen & Stemoco and Intermodal listed a deal in which Danish owner Lauritzen Bulkers sold its 2011-built 31,000 dwt handy bulker Elvira Bulker to Greek bulker owner Team Fuel Corporation for a price of $10.2m.

Seasure Shipbroking and Lorentzen & Stemoco reported that Greek bulker owner TST International bought the 2008-built 53,000 dwt supramax bulker Iyo Wind from Japanese owner Biko Kisen for $10.25m.

“On the tanker side, activity slowed down this past week, without this meaning that we had a lack of reported transactions. Five vessels in total changed hands these past few days, with vintage units being in the center of attention. Interest amongst buyers may temporary be limited, but it is expected to ramp up again over the following weeks, especially for the oil product tanker segments,” Allied Shipbroking said.

Lorentzen & Stemoco reported that Carsten Mortensen-led Dee4 Capital has concluded an en bloc acquisition of three MR tankers from Japanese owner Nissen Kaiun. The 2006-built 53,000 dwt vessels Freja Hafnia and Citrus Express, and the 2010-built 45,000 dwt Orient Star are sold for undisclosed prices.

Additionally, according to Lorentzen & Stemoco, Dee4 Capital is rumoured to have acquired another two 48,000 dwt MR tankers Bright Fortune and Nord Imagination from Japanese owner Shoei Kisen. In June, Carsten Mortensen, former CEO of both BW and Norden, teamed with well known shipping private equity professional Freddie Lee to create Dee4 Capital Partners.

Allied Shipbroking and Lorentzen & Stemoco both reported the sale of the 2003 Imabari-built aframax tanker ADS Oslo. Norwegian owner ADS Crude Carriers sold the 107,000 dwt vessel to Indonesian buyers for $13.3m.

In the containership sale and purchase market, according to Braemar ACM Shipbroking, activities continue to pick up with a number of deals coming to light.

The 4,250 teu 2009 Chinese-built panamax vessel Elisabeth-S was sold to XT Shipping at a price of $10m. Ship registry information shows the vessel has been renamed Lisa.

According to Braemar, a number of feeder ships that had earlier failed on subjects have now found new buyers, with German owner Foroohari emerging as the buyer of the 2008-built 2,500 teu Anna-S at $8.3m while Greek owner Dragnis-controlled Goldenport picked up the 2010-built 1,700 teu Maersk Wismar for $8.3m.

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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