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Weekly Broker: Hopeful dry bulk fundamentals

The dry bulk sale and purchase market has reawoken this week. The firmed up chartering market has drawn increased buying interest into the bulker S&P market, especially the geared vessel segments. Increasingly the fundamentals for dry bulk look like giving solid returns in the coming months.

“With panamax rates leading the way, the dry bulk market experienced another firm week. Confidence among dry bulk participants has been boosted on the back of a healthy market across all sectors,” Intermodal said in its latest weekly report.

Several shipbroking house including Advanced Shipping & Trading, Lorentzen & Stemoco, Clarksons and Anchor Shipbroking all reported that Taiwanese owner China Steel Express sold its 2002-built 176,000 dwt capesize bulker China Steel Growth. The CSBC-built vessel is believed to have been sold to Hong Kong buyers for around $9m.

Both Lorentzen & Stemoco and Anchor Shipbroking reported a deal in which Taiwanese owner Wisdom Marine sold its 2017-built 81,000 dwt kamsarmax bulker Sakizaya Justice to undisclosed buyers for a price $25.2m.

Intermodal, Lorentzen & Stemoco and Anchor Shipbroking listed the sale of the 2008-built 75,000 dwt panamax bulker Ecomar GO. Greek owner George Economou’s Gleamray Maritime sold the vessel to compatriot buyers for $9.5m with Niriis Shipping tipped as the buyer.

In the tanker S&P market, things remain uninspiring as the overall crude market further declined.

Multiple shipbroking houses ill reported that Angolan state oil company Sonangol sold its 2001-built 159,000 dwt suezmax tanker Sonangol Kizomba to Asian buyers. The DSME-built vessel has fetched a price of $12.35m.

According to Braemar ACM Shipbroking, the secondhand containership S&P market is now fairly tight, with very few market candidates workable across any sector.

“If charter rates remain buoyant and more buyers return to the market looking to acquire tonnage, we expect a shift up in pricing across most sectors of 2,000 teu and upwards,” Braemar said.

Both Braemar and Lorentzen & Stemoco reported the sale of the 3,421 teu boxship Nordic Macau. The Chinese-built vessel was sold by Songa Container to Borealis Finance for $10.4m.

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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