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Weekly Broker: Strengthening dry bulk scene attracts buyers

It has been a strong week for the bulker S&P market with ample completed transactions as the dry bulk chartering market started to bounce back after three consecutive weeks of downward correction.

“On the dry bulk side, after the hefty correction in terms of activity noted just the week prior, the SnP market showed once again a more active presence, with a significant number of vessels changing hands during the past few days. A strong activity was seen in the medium size segments, with appetite for supramax and panamax tonnage seemingly being on the rise. Given that interest varies between different size segments and age groups, while the freight market now appears to be on a more stable track for the time being at least, we can expect a fair number of units changing hands in the near term,” Allied Shipbroking said.

Allied Shipbroking, Intermodal and Lorentzen & Stemoco all reported that Chinese owner Fortune Ocean Shipping sold two 2017-built 81,300 dwt kamsarmax bulkers Xing Huan Hai and Xing Le Hai. The two Japanese-built vessels were sold to compatriot Chinese buyers for $26m each.

More than five shipbroking houses reported the sale of the 2010-built handy bulker Ikan Jenahar (pictured). Japanese owner Nissen Kaiun sold the Japanese-built vessel to Greek buyers for $8m.

“On the tankers side, it was another uninspiring week, given the limited activity of late, as well as, the general sluggish mood noted in terms of buying appetite. With freight earnings looking to be relatively underperforming for some time now, one can hardly hold anticipation for any significant activity to emerge in the short-run at least,” Allied Shipbroking noted.

Intermodal and Clarkson reported a deal in which Japanese owner Meiji Shipping sold its 2011-built 50,000 dwt MR2 tanker Eagle Melbourne to European interests. The Japanese-built vessel fetched a price of $16m.

Meanwhile, in the container sector, Braemar ACM noted: ”Charter rates continue to firm, particularly in the larger sectors. We are also seeing firmer periods being offered by the lines which is encouraging buyers to return to the market although there still remains a sizeable gap between sellers and buyers price ideas.”

According to Braemar, Taiwanese liner Wan Hai acquired two ex-Ouhua 1,700 teu vessels for around $17m in total, a historically cheap pricing as the yard had struggled to find a buyer for the hulls for some time.

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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