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Weekly Broker: En bloc handies dominate

The secondhand sale and purchase activities tempered a bit this past week. The dry bulk chartering market continued its impressive improvement led by capes which are now trading on the spot market for in excess of $26,000 a day. However, while the interest for secondhand tonnage remains high, buyers and sellers have been adjusting their pricing ideas to match the latest market sentiment. Handysize en bloc deals have dominated the sales scene over the past week.

“In the handysize sector buyers showed and continue to show more interest in vessels around 10 years old and larger than 33,000 dwt. Most vessels from quality yards were being sold very quickly. Bigger asset price elasticity was shown in handysizes smaller than 32,000 dwt as demand for such vessels was lower, with a notable case being the 28,000 dwt vessels, of which some were sold at an attractive discount and others were not able to be sold,” wrote Konstantinos Kontomichis, an S&P broker at Intermodal in a weekly report.

Splash has already reported two en bloc handysize bulker deals this week. Cardiff-based Graig Shipping sold its last two ships in the water with the pair of seven-year-old, 34,827 dwt vessels – Graig Cardiff and Graig Rotterdam – being taken by Pola Maritime for just shy of $10m each. Lauritzen Bulkers sold the handysize sister vessels Emma Bulker and Louise Bulker to Ed Buttery’s Taylor Maritime for $9.5m per unit.

Allied Shipbroking reported that Dubai owner Tomini Shipping has sold two 2012-built 57,000 dwt supramax bulkers, Tomini Victory and Tomini Sincerity. The two Chinese-built vessels were sold to Chinese interests for $10.8m each.

Allied Shipbroking and Intermodal both reported a deal in which Greek owner Gourdomichalis Maritime sold its 2004 Japanese-built, 76,800 dwt panamax bulker Kavo Manali. The vessel is believed to have been bought by Greek owner Niriis Shipping for a price of $8.5m.

“On the tanker side, the scene in the market stayed at relatively similar levels, with a fair volume of transactions coming to light, but seemingly constrained at this point. Nevertheless, VLCCs have been in relatively hot demand, mostly for vintage units, while the MR market has eased back a bit. All in all, given the current state, we may well expect many interesting deals to come through in the near term, with some ups and downs in-between,” Allied Shipbroking said.

Splash has already reported earlier this week that Malaysian FPSO operator Yinson Holdings acquired the 2002-built VLCC Ridgebury Eagle from Ridgebury Tankers for $29m.

Allied Shipbroking and Intermodal reported that Yinson also acquired the 2003-built VLCC Apollonia from Greek owner Neda Maritime for a price of $31m. Both VLCCs will be converted to FPSOs.

According to Clarkson, NS United-owned 2005-built VLCC Aquarius Wing was available for inspection in Singapore last week and likely to be sold shortly.

In the secondhand containership sale and purchase market, activity has been limited due to the summer season.

Both Alphaliner and Braemar ACM Shipbroking reported that Russian owner FESCO purchased the 2003-built, 822 teu India from German interests linked to Danz und Tietjens Schiffahrt for an undisclosed price. The vessel has been renamed FESCO Magadan.

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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