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Weekly Broker: Muted start to the month

September has not started with multiple ship sales as anticipated. A dry bulk market in sudden reverse has not helped. Nevertheless, things are expected to pick up soon with increasing amount of enquiries from potential buyers looking to secure tonnage before the last quarter of the year, a time when most expect to see a stronger market.

According to Alibra in the chartering market, the bigger size bulk segments remain muted and have come under a bit pressure this past week while the smaller sized bulkers are still active with interests in longer periods. The tanker period market has seen some activities in terms of fixtures as the northern hemisphere returns to work following the holiday season. However, it is still too early to comment as to which direction the market will take as there has yet to be any indication of an increase in rates.

“Interest in dry bulk secondhand tonnage is firming quickly, with buyers looking to secure tonnage before the last quarter of the year, a time when most expect to see a stronger market altogether,” Intermodal said in its latest report.

Intermodal and Clarkson reported the sale of the 2013-built 37,084 dwt handymax bulker Ocean Echo. The Japanese-built vessel is said to have been sold to Greek owner Erasmus for an undisclosed price.

A number of brokers reported a transaction in which Japanese owner NS United Kaiun sold its 2006-built 176,000 dwt capesize bulker NSS Grandeur to Greek brothers Dimitris and George Stefanou’s Bright Navigation. The Japanese-built vessel has fetched a price of $22m.

In the tanker sector, there was limited reported activity, mainly in the smaller sizes.

Multiple shipbroking houses reported the sale the 2009-built 73,766 dwt LR1 tanker Cape Texel. The Chinese-built tanker is said to have been sold by Salamon to Norwegian interests for a price of $12.5m.

Although no recorded sales last week, the second hand containership sale and purchase market has seen increasing amount of enquiries.

“With the industry now returning to their desks after the summer break, it is estimated that more buyers will return to the market and activity will pick up,” Braemar ACM Shipbroking said in its weekly container briefing.

According to Braemar ACM two Hanjin Subic Bay-built panamax boxships invited offers last week with a handful of buyers on hand for inspections.

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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