Weekly Broker: Capes lead the charge

Weekly Broker: Capes lead the charge

It has been a particularly good week for the dry bulk market, with average earnings for all sizes except handysizes soaring. The steady increase in the freight market has further stimulated the appetite of investors which have completed a substantial number of deals this past week with bigger bulkers also coming into the spotlight with capes now trading above $20,000 again. Another noticeable trend in S&P in recent days has been a spike in boxship sales, filling a gap left by tankers.

Multiple shipbroking houses reported that the 2009-built 76,500 dwt panamax bulker Crystal Wind has been sold by Japanese owner Sato Steamship to Greek interests for a price of around $13m, while Allied Shipbroking and Intermodal identified the buyer as Polys Hajioannou’s Safety Management Overseas.

Allied Shipbroking, Intermodal, Lorentzen & Stemoco all reported the sale of the 2013-built 28,000 dwt handysize bulker King Canola. The Japanese-built vessel was sold by Singapore’s Celeste Holding to Greek owner Newport for a price of $8.4m.

More than eight shipbroking houses confirmed an earlier Splash report with Belgian owner Bocimar selling its 2004-built 170,000 dwt capesize bulker Mineral Noble to undisclosed interests for $13.5m. As part of the deal, the Korean-built vessel has been chartered back to Bocimar for three years at a rate of $13,000 per day.

Many more capes are queued up for sale across the world with brokers anticipating a steady flow of concluded deals in the next fortnight.

On the tanker front, Splash has already reported a deal that saw Ghandour Ghassan’s Hermes Marine Management acquire the 2007-built VLCC Phoenix Vanguard from MOL’s Pheonix Tankers for $38.7m.

Advance Shipping & Trading, Lorentzen & Stemoco and Seasure Shipbroking all listed the sale of the 2004-built 114,000 dwt aframax Pytheas. The South Korean-built vessel is believed to have been sold by Greek owner Tsakos Shipping and Trading to Smart Energy for $14.85m.

Intermodal, Lorentzen & Stemoco and Advanced Shipping & Trading reported that Latvian Shipping has sold its 12-year-old MR1 Krisjanis Valdemars to undisclosed interests for a price of around $11m whilst her sister vessel Kandavawas sold earlier this month to Italian buyers for $11.6m.

In the secondhand containership sale and purchase market, a raft of deals have come to light.

Tufton Oceanic has purchased an 8,000 teu vessel for $23.6m, on which the company will perform upgrading works including fitting a scrubber, in return for a higher charter rate for a period of five years from a major line.

“Below 1,000 teu remains the one of the more liquid areas of the container sales market with vessels of all ages continuing to change hands,” Braemar ACM said in its most recent weekly report.
Alphaliner has also reported a number of deals in the containership S&P market.

German owner Reederei Schepers sold its 3,380 teu, 2005-built Tim-S to Nordic Hamburg for an undisclosed price. The ship is currently on charter to FESCO and traded in Asia.

Singapore’s Pacific International Lines (PIL) is said to have sold the 2002-built 702 teu feeder Kota Tegap to South Korean carrier Dong Jin Shipping for a price in the low $3ms.

Additionally, the 2006-built 1,118 teu, BC Hamburg, controlled by German owner Leonhardt & Blumberg has been sold to compatriot company Reederei Jens & Waller at an undisclosed price. The ship is currently on charter to MSC.

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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