Weekly Broker: Q1 ends on a whimper

Weekly Broker: Q1 ends on a whimper

As the first quarter of 2018 comes to a close action on the dry cargo secondhand market has reflected the charter market this week – cooling off somewhat. Meanwhile, in the tanker sector, we continue to see depressed freight rates, resulting in low liquidity in the sale and purchase market.

“On the dry bulk side, the slower activity levels compared to what we have come to be accustomed to over the past 12 months continues for yet another week, with the misaligned sentiment between sellers and buyers starting to take hold as the freight market delays to show clear direction for the near term. There is still significant potential to be noted under the surface, something which could easi- ly turn into a buying frenzy and a sharp increase in prices, were we to see a strong freight market rally emerge soon and an increased flow of finance,” Allied Shipbroking said in its latest weekly report.

Clarkson and Advanced Shipping & Trading both reported the deal in which Turkish bulker operator Densay Shipping & Trading has acquired the 2010-built supramax bulker Nichirin from Japan’s Hinode Kaiun. The 55,700 dwt bulker has fetched a price of $15.45m. The acquisition will take Densay’s fleet to 16 bulkers.

Multiple shipbroking houses including Allied Shipbroking, Intermodal, Loretzen & Stemoco reported the sale of the 2011-built post-panamax bulker Nadine Venture, while Intermodal identified the buyer as Ukrainian owner Profy Ship Management, who bought the 93,000 dwt vessel from Hong Kong’s Wah Kwong for a price of $17.5m.

Additionally, Allied Shipbroking revealed that Greek owner Vassilis Dalacouras’ Dalex Shipping has snapped up the 2010-built handymax bulker Nordic Riga from German owner Nordic Hamburg for an undisclosed price. The deal is also attached with a time charter agreement.

“On the tanker side, things continue to hold a sluggish pace, with con- fusion still being noted amongst most as to the true potential held by the market right now. It looks as though things will remain on hold for most buyers and sellers in the market for a while longer, with the overall crude oil and product markets still lacking any clear direction and indication for near term prospects,” Allied Shipbroking said.

Lorentzen & Stemoco and Advanced Shipping & Trading reported the sale of the 2000-built tanker Johann Jacob. PNR Marine, an affiliate of Singapore’s Pioneer Marine, is said to have acquired the 73,000 dwt vessel from German owner Ernst Jacob for an undisclosed price.

Additionally, Lorentzen & Stemoco identified Canadian tanker owner Coastal Shipping as buyer of the 2012-built chemical tanker San Pietro. The vessel was sold by ABC Maritime for a price of $8.5m.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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