Weekly Broker: High expectations for Q4

Weekly Broker: High expectations for Q4

The dry bulk S&P market has again seen a generous number of ships changing hands in the past week, reflecting buyer’s boosted confidence in the market.

The dry bulk chartering market remains at decade-highs with the Baltic Dry Index standing above 2,500 points.

“The number of deals in the S&P market during the past couple of weeks reveals the determination of buyers, as improving performance in the tanker and especially in the dry bulk sector have been setting expectations very high for the last quarter of the year, while it seems that the capesize rally has started to melt away some of the scepticism, with a couple of sales reported in the past days after muted activity for a month and a half,” Intermodal said in a weekly report.

Banchero Costa, Intermodal and Lorentzen & Stemoco listed the sale of the 2011-built 176,000 dwt capesize bulker Harriette N. German owner Neu Seeschiffahrt sold the Chinese-built vessel to Chinese buyers for a price of $23m.

Both Intermodal and Lorentzen & Stemoco reported that Italian owner D’ Amico sold its 2008-built 56,000 dwt supramax bulker Medi Valencia and identified keen buyer Bangladeshi owner SR Shipping as the taker. The Japanese-built vessel has fetched a price of $12.3m.

Intermodal and Lorentzen & Stemoco listed a deal in which US-based agricultural product trader Archer Daniels Midland sold its 1996-built, 73,000 dwt panamax bulker Harvest Moon. The South Korean-built vessel is believed to have been sold to Chinese interests for a price of $4.5m.

Multiple shipbroking houses reported that Indonesian owner Karya Sumber Energy offloaded two elderly Japanese-built bulk carriers – the 1996-built 45,000 dwt handymax Shanthi Indah and the 1999-built 73,000 dwt Sri Wandari Indah for $6m and $3m respectively. Both vessels were sold to Indonesian buyers.

Following a number of major sale and leaseback deals and en bloc deals in the tanker sector in the previous couple of weeks, tanker S&P sales scaled back this past week.

Intermodal and Lorentzen & Stemoco reported the sale of the 2009-built 14,000 dwt chemical tanker Queen Helena. UAE-based owner Folk Shipping offloaded the vessel in an auction to Indian buyers for a price of $7m.

In the containership sale and purchase market, according to Braemar ACM, the 2009-built 1,700 teu ship Stellar Windsor has been committed to unspecified buyers at $9m. Additionally, the 2004-built 1,860 teu KMTC Port Kelang is close to be being committed to India-based buyers at mid-$6m levels.

“In light of improving charter rates, we continue to see positivity driving acquisitions by end-users, as the cost of chartering in tonnage, at least in the near-term, seems unlikely to decrease,” Braemar ACM Shipbroking said.

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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