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Weekly Broker: Cape summer spur set to see deals intensify

School’s out for summer in the northern hemisphere, but canny owners are likely to need to keep their smartphones to hand on their megayachts in the summer months as deals are expected to ramp up for the bigger bulker segments.

Rates in the cape sector have dramatically improved this week, and Brazilian miner Vale is expected to provide owners with more work than ever between now and the end of the year, presenting buying opportunities for the most aggressive cape players. The jump in rates this week caught many by surprise, with S&P deals lagging the freight markets. Expect that to change in the coming days.

“On the dry bulk side, activity scaled back this past week, with a little 
more than a hand full of units reportedly changing hands over the
 past couple of days. Most were relatively older vessels, while the
 focus seems to have been on the smaller size segments. Given the 
overall fundamentals, this should be just a temporary move, with 
things likely to look considerably better as the month progresses and things start to gain traction on the freight market front as well,” Allied Shipbroking said in its latest weekly report.

Both Banchero Costa and Seasure Shipbroking identified Greek owner Diamantis Diamentides’ Marmaras Navigation as the buyer of the 2016-built panamax bulker Trade Resource. The company is said to have acquired the Chinese-built 82,000 dwt vessel from bankrupt Toisa’s fleet for $24.5m. Marmaras Navigation has recently snapped up another two panamax bulkers from Toisa’s fleet, the Trade Quest and the Trade Spirit. Diamentides is also linked by brokers to the acquisition of four suezmax tankers and three aframax tankers from the Toisa sell-off via Delta Tankers.

Advanced Shipping & Trading and Lorentzen & Stemoco listed the sale of the 2000-built 72,000 dwt bulker Marbella. Singapore-owner Pioneer Marine has acquired the Japanese-built panamax from TMS Bulkers for a price of $8m.

Clarkson and Lorentzen & Stemoco both reported the sale of the 2000-built handy bulker Molat. The Japanese-built 28,000 dwt bulker has been sold to Vietnamese interests for a price of $5.5m.

“On the tanker side, we witnessed a jump in activity this past week, though it must be stated that a mere three en bloc deals helped considerably in this regard. It is also fair to point out that some of the more alternative financing structures seem to be having much more go in this sector, with most seeking an opportunity to take advantage of the more competitive price levels still on offer,” said Allied Shipbroking.

More than five shipbroking houses reported the sale of the 2010-built MR tanker Axel, and Lorentzen & Stemoco identified the buyer behind the deal as Danish owner Torm, which has acquired the Japanese-built 49,000 dwt tanker from compatriot owner Norden for $16.6m.

Additionally, Lorentzen & Stemoco reported a deal in which UK investment firm Global Natural Resources Investment acquired the 2003-built 37,000 dwt MR tanker Nico Tomasos from Greek owner Super Eco Tankers. The South Korean-built tanker has fetched a price of $8.6m.

Several shipbroking houses reported the sale of the 2005-built 40,083 dwt MR tanker Nord Farer. The South Korean-built vessel is said to have been snapped up by Nigerian interests for a price of $11.5m.

Following a notable rebound in transaction volumes in the previous week, activities in the secondhand boxship sale and purchase market scaled back this past week, with interests still focused on smaller tonnage.

Both Allied Shipbroking and Optima listed an en bloc sale of two 2003-built 6,586 teu panamax containerships, the K Pegasus and the K Phoenix. The two vessels are said to have been bought by Italian interests at an undisclosed price.

CMA CGM continues to snap up feeder ships at an impressive click. Brokers list the French carrier paying Alpha Ships $8m for the eight-year-old, 1,347 teu Saturn. Finally, MTT Shipping is reported as taking the 23-year-old 1,995 teu Maymyo Star from Continental Shipping for $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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