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Weekly Broker: Cape rally leads the markets

The dry bulk S&P market has had a positive start of the year with plenty of transactions taking place across all sizes, coupled with an upward momentum seen in the chartering market, especially the rally seen in the capesize market. Average prices for most bulk segments have increased over the past month.

On the cape surge seen in the first fortnight of the year, a note from Arrow Research yesterday posited: “It doesn’t appear that this rally can be pinpointed on one factor, but rather a subtle combination of strong shipments, rising concerns around logistics and congestion in China, a slowing fleet, vessel positioning and an overly bearish Q1 sentiment which has left defensively positioned players scrambling to take advantage.”

Multiple shipbroking houses reported the sale of the 2010-built 176,800 dwt capesize bulker King Ore. The Japanese-built vessel was sold by Nissen Kaiun to Greek owner Union Maritime for $20.3m.

Allied Shipbroking , Intermodal and Lorentzen & Stemoco all listed the sale of the 2014-built 58,000 dwt Western Seattle. Japanese owner Nisshin Kaiun sold the vessel to Greek owner Halcoussis for $14.3m.

Allied Shipbroking, Interomodal, Lorentzen & Stemoco and Anchor Shipbroking all reported that Singapore’s Pacific International Lines (PIL) sold its 2013-built 56,700 dwt supramax bulker Glovis Madonna to Chinese buyers. The vessel fetched a price of $9.8m.

The S&P activities on the secondhand tanker market has also seen a great volume of deals with a number of VLCCs changing hands.

Both Intermodal and Lorentzen & Stemoco reported a deal in which Greek owner Minerva Marine sold its 2002-built 309,300 dwt VLCC Pantariste to compatriot owner Cosmoship Maritime for a price of $23m. The ship has been renamed Fos.

Lorentzen & Stemoco and Allied Shipbroking both identified the buyer of 2000-built 306,000 dwt VLCC Maria as Cypriot owner Mercuria Energy Trading. The South Korean-built vessel was sold by Angelicoussis Shipping for $19.5m.

Several shipbroking houses reported the en bloc sale by Norwegian owner DSD Shipping of two 2009-built 105,000 dwt aframax tankers, Stavanger Falcon and Stavanger Eagle while Lorentzen & Stemoco identified the buyer as Greek owner Coral Shipping. The vessels were sold for $18m each.

In the secondhand containership sale and purchase market, according to Braemar ACM Shipbroking, faced with multi-year commitments on charterers, operators continue to be aggressive buyers of tonnage especially for post-panamaxes, with increasingly older vessels being considered.

Braemar reported that Maersk Line committed seven ships built 2001/2002 of around 5,500 teu en bloc with the balance of their charters remaining.

Additionally, UAE-based Simatech has acquired the 2005-built 3,380 teu Tim S from German owner Nordic Hamburg for $9.75m.

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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