Sub-cape sales are filtering in on S&P sale registers, and yet Q1 is set to fade out without a single capesize sold, while on the tanker front en bloc MR sales have led the charge in recent days.
The chartering market for large size bulkers remains under huge pressure but many brokers are now sensing the worst is over after a tumultuous start to the year.
“As was expected, in a period of three months with low freight rates, asset prices were also affected. However, naturally, the decrease on assets did not equal the decline of the freight rates. In the capesize sector, it is notable that within the first quarter of 2019, there were no SnP transactions. Owners of the specific segment, despite having witnessed a dramatic fall in rates are so far showing resistance,” Intermodal said in its latest weekly report.
Konstantinos Kontomichis, an S&P broker at Intermodal, reckons there will be an increase in freight rates in the second and third quarter, as indicated by charterers asking for vessels for period charters in far better levels compared to the spot market.
“On the dry bulk side, overall activity took a step back in terms of volume of transactions, though still holding at respectable levels. Moreover, given the gloomy scene of the freight market as of late, we may well expect a volatile SnP market to keep hold for the time being. In addition to this, we can expect the main focus to be sustained for medium size units – panamaxes and supramaxes, given the more robust recovery noted these past few weeks,” Allied Shipbroking said in its most recent weekly report.
Splash has already reported two separate bulker sale and purchase deals this week – Aswan Trading acquired the 2002-built post-panamax Tatsuki Maru and M/Maritime is linked with the 2014-built kamsarmax bulker Puppis Ocean.
Intermodal listed the sale of the 2018-built 62,400 dwt ultramax Adventure II. Norwegian owner Oslo Bulk is said to have sold the Japanese-built vessel to Bangladeshi owner Meghna Group for a price of $25.5m.
More than five shipbroking houses reported the sale of the 2001-built 74,000 dwt panamax bulker Navios Galaxy I. Greek owner Navios Maritime sold the Japanese-built vessel to Chinese interests for a price of $6.1m.
“On the tanker side, total activity was softer on week-on-week basis, but still sustained at rather modest levels. Once again, we witnessed a robust flow from the MR size segment. Notwithstanding this, for yet another week, we see bigger size segments showing sparks of life, with buying appetite seemingly on the rise. All in all, a healthy volume of transactions can be anticipated the upcoming weeks, nourished by the better state of earnings now slowly being noted,” Allied Shipbroking said.
Splash has already reported on Angeliki Frangou’s Navios Maritime selling its 2000-built VLCC tanker C. Dream for $21m. Thai owner Nathalin is identified as the buyer of the Japanese-built vessel. Last month, Nathalin also acquired the 2001-built VLCC VL Sakura from Hellenic Tankers.
Multiple shipbroking houses reported the en bloc sale of two 2014-built 49,000 dwt MR tankers, Alpine Mary and Alpine Maria. The two Singapore-built tankers were sold by Glencore International to Greek interests for a price of $27m each.
Clarkson, Advanced Shipping & Trading, Allied Shipbroking and Lorentzen & Stemoco listed another en bloc sale in which Milaha-controlled Qatar Shipping sold two 2003-built 40,200 dwt MR tankers Jinan and Dukhan to Greek buyers for a price of $7.5m each.
In the containership sale and purchase market, according to Braemar ACM Shipbroking, the 2004-built 800 teu boxship Eastern Express has been sold by South Korea’s Pan Continental Shipping on private terms to Southeast Asia-based operators.