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Weekly Broker: Sideways movement

The sale and purchase market has moved sideways in the past week as volatility extended in the dry bulk market and the feeling of uncertainty is still the main resistance for owners to invest in new tonnage. Sales have mostly centred around older smaller size segments due to further discounts offered in the segment.

“On the dry bulk side, the market moved sideways in terms of activity noted as of the past week. This was barely a surprise, given the uninspiring environment from the side of earnings. Moreover, given the prolonged period of relatively poor returns and overall bearish sentiment, it won’t be much of a surprise if we were to witness a negative track in buying appetite too in the coming months. For the time being, this passive mode in the volume of transactions is shared amongst all of the main size segments, with medium/smaller sizes though, showing a better potential for the short-run at least,” Allied Shipbroking said.

Several shipbroking houses including Allied Shipbroking, Banchero Costa, Seasure Shipbroking and Intermodal all listed the sale of the 1995-built 24,300 dwt handy bulker Evolution. The Japanese-built vessel has been sold by Greek owner Beta Maritime to Marshall Islands owner Wickwar Shipping via auction for a price of $1.34m. Following the sale, Beta Maritime has cleared out its fleet.

Clarksons, Intermodal and Allied Shipbroking all reported a deal in which Chinese leasing house Huarong Financial Leasing sold its 2012-Chinese-built handy bulker Zhong Chang 288 to compatriot Chinese buyers for around $10.19m.

Advanced Shipbroking, Allied Shipbroking and Intermodal reported that UK owner Lomar Shipping sold its 2002-built 52,400 dwt supramax bulker Ocean Prelate. The Tsuneishi Cebu-built ship has been snapped up by Chinese buyers for $4m.

“On the tankers side, a stronger week for the SnP market, which started showing a upward momentum once more. Moreover, the recent small period of mediocre activity doesn’t necessarily represent a worrying sign in terms of buying appetite. Given the ongoing pandemic situation and the volatile freight market, the periodical ups and downs in transactions are to be expected to some degree,” Allied Shipbroking said.

Multiple shipbroking houses including Advanced Shipping & Trading, Allied Shipbroking, Clarksons and Banchero Costa all reported that Greek owner Stavros Livanos-led Sun Enterprises sold its 2001-built 72,300 dwt LR1 tanker Amazon Gladiator. The South Korean-built vessel is believed to have been bought by Peninsular Maritime for $9m.

Allied Shipbrokign reported an en bloc sale by Russian owner Sovcomflot. The company sold two 2003-built 47,800 dwt MR tanker Hermitage Bridge and Anichkov Bridge to undisclosed buyers for a price of $9.5m each.

In the secondhand containership sale and purchase market, Advanced Shipping and Trading and Allied Shipbroking reported that Lomar Shipping sold the newbuild 1,774 teu containership Bremen Trader to Japanese owner Kotoku Kaiun for an undisclosed price. Ship registration information shows the Chinese-built vessel has been renamed Inferro.

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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