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Weekly Broker: Marinakis steals the show

The appetite for sale and purchase deals remains very firm in the dry bulk sector in the past week, despite rates easing. Frantic activities across many owners’ S&P departments can be linked to the imminent start of the summer holidays in the northern hemisphere. Deal of the week however was in the container sector where Evangelos Marinakis made bright work of four former Hanjin vessels.

“On the dry bulk side, activity sustained in relatively firm levels this past week, following the considerable jump noted the week prior. At this point, massive en bloc deals that are being reported lately, continue to take center stage and interest from most market players. Moreover, bigger size segments have held the lion share from the total of transactions taking place, inline somehow with the improvement being noted in respect to freight rates, while the focus is equally shared between modern and more vintage units,” Allied Shipbroking said in its latest weekly report.

Both Clarkson and Banchero Costa listed the sale of the 2008-built 53,500dwt supramax bulker Vela Ocean. The Japanese-built vessel is said to have been sold by Mitsubishi Coporation to Greek interests for $11.5m.

More than five shipbroking houses reported a deal in which the 2000-built 31,824 dwt handymax Boka has been sold by Monaco-owner Dabinovic to Chinese interests. The Japanese-built vessel has fetched a price of $6.8m. Cash will be used to pay for the five-year younger Sider Dream that Dabinovic was reported adding last week for $10m.

Several shipbroking sources listed a deal in which the 2007 Japanese-built handymax bulker Asian Power was sold by Japanese owner Doun Kisen to Chilean buyers for $6.8m.

“On the tanker side, activity scaled back once more this past week, with just a handful of S&P deals being reported. At this point, it seems that the trend noted the week prior will hold for the time being. With all being said, market participants are still holding a more conservative attitude, trying to monitor the market before making any further offers, though this may in the midst of change now,” Allied Shipbroking said.

Intermodal reported an en bloc sale deal in which Swiss energy and commodities company Vitol has acquired three tankers including two 2008-built 50,600 dwt MR tanker Isola Blu and Isola Corallo and one 2009-built aframax tanker Neverland Angel from Italian owner Finaval for an undisclosed price. Following the sale, Finaval’s fleet will be reduced to four tankers.

According to reports by Intermodal and John Psarras, the 2007-built 13,097 dwt product tanker London Trader has been sold by UK’s Lomar Shipping to Singaporean interests. The South Korean built vessel has fetched a price of $8.1m.

The secondhand containership sale and purchase market has seen a notable rebound in sales volume in this past week, after a period of weak performance.

According to Alphaliner, India owner Shreyas Shipping has acquired the 2,492 teu, 2002-built Suffolk Trader from UK owner Lomar Shipping for an undisclosed price. The German-based vessel has been renamed SSL Krishna and put under Indian flag. Shreyas will assign the vessel to its India cabotage network.

Additionally, New York-based shipping firm Sealift has purchased the 1,730 teu Vitim from Russian owner Fesco for a price of around $11m. The Polish-built ship has been renamed Sagamore and has been placed under US flag.

Optima, Intermodal and Clarkson all identified Malaysian owner MTT Shipping as the buyer behind the sale of the 1995-built 1,367 teu feedermax Maymyo Star. The Taiwanese-built vessel has been renamed MTT Kuching Dua.

Finally Evangelos Marinakis’s Capital Maritime successfully pocketed a tidy $86m profit from the sale of four ex-Hanjin boxships. Marinakis picked up the 9,954 teu quartet in March last year in the weeks following the bankruptcy of the South Korean flagship carrier. Having picked up the Athos, Asklipios, Athenian and Aristomenis for $31m each, Marinakis was able to sell them on for $52.5m per ship to Angeliki Frangou’s Navios Containers. Earlier this year a fifth ship, which is one year older in the Hanjin series , the Adamastos (ex-Hanjin Korea) was also sold to Navios, for a hefty profit. The sale marks an exit from this segment for Marinakis and leaves Capital Maritime with four smaller containerships in the 1,000 to 2,000 teu range.

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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