High prices and low rates haven’t been able to deter owners from booking more newbuilding orders. In its latest weekly report, shipbroker Allied said that “the market remains in a similar state to that seen over recent weeks, with a shift in contracting patterns perhaps more likely as the summer holiday period ends and everyone returns to business as usual. Prices remain high due to demand for high value vessels, inflation, and so on. In the case of bulkers in particular, this has driven something of a disconnect between NB prices and the current state of the market in terms of secondhand values and earnings and the pace of ordering has fallen off in comparison with the burst of activity seen in June. That being said, some owners are investing in bulk carriers with particularly interesting news concerning alternatively fuelled vessels. First of all, it has been reported that a Norwegian firm has entered a LOI for up to six hydrogen/ammonia ultramaxes. Further ultramax orders have come from Globus Maritime, who have contracted two units. Looking to the future, Eastern Pacific are rumoured to be close to spending $480m on 6 Newcastlemaxes, which would be the first to hit the water able to run on ammonia—not just be suitable for conversion with ‘ammoniaready’ certification”.
In a similar note, shipbroker Bancheo Costa added that “the newbuilding market remains active despite low rates and the Summer holidays. We have seen recently major, well known Shipowners exercising options or penning new contracts, both for conventional and dual fuel propulsion ships. Starting from the dry sector, Qingdao Beihai received an order for 3 x Newcastlemax of 210,000dwt from Eastern Pacific, basis a price around $80 mln for deliveries in 2026 and 2027. The price includes the DF ammonia propulsion. Norwegian Owners Belship choose the Japanese market to order a pair of 64,000 dwt Ultramax; both shipyard and price are undisclosed, but deliveries are expected for 4Q2026. Another order was signed in Japan, with Nihon shipyard taking 2 x 64,000 dwt Ultramax from stock listed Globus Maritime for deliveries in 2H 2026.
A price of high $ 37 mln was rumoured around. In the smaller geared tonnage, Polsteam ordered four handy lakers design of about 37,000dwt at Shanaiguan shipyard (DISC). Tanker NB orders were also registered; Qingdao Beihai received a major tanker NB contract and signed a one firm + one option VLCC of 319,000dwt from Euronav for delivery in September 2026 for the firm unit. Price reported at around $ 112 mln. Evalend Shipping confirmed two x 75,000dwt LR1 orders selecting Yangzijiang as builder. Price is reported around $ 50 mln and deliveries end q1 and end q2 2027. Maran Tankers added further business to his orderbook and optioned four Suezmax DF LNG at New Times bringing the total commitment to eight units, priced at around $ 87 mln each. The gas sector sees no end to his massive orderbook; Dalian signed a contract for two plus two 175,000 cbm with a chinese JV of three partners being Wah Kwong, China Gas and CSSC Leasing backing the deal. Deliveries are due in 2027 for the firm ships, no price reported”, the shipbroker said.
Meanwhile, in the S&P market, Allied added that “on the dry bulk side, SnP market resumed on a sluggish pace for yet another week, given the small number of units being reported as sold. At the same time, though, overall asset prices appear fairly resistant at this point, encouraged somehow by the recent modest upward push in spot rates across most of the core size segments. All-in-all, at the current freight market regime, further pressure in price ideas can support the view of a more liquid market in the near term. On the tanker side, SnP market took a modest step forward, given the improved activity levels as of the past week. However, it is hardly to argue what sort of trend can prevail in the upcoming period, especially at the current status quo in asset prices”.
In a separate note, Banchero Costa commented that there was increasing activity in the second hand market this week. “In the Capesize segment, Greek Owner Neda Maritime Agency is reported having sold the IANTHE 180,000 dwt 2009 Daewoo at $21 mln, after having sold the sistership ARIADNE at the same price. The Chinese built YUAN FU STAR 176,000 dwt 2011 Jiangsu Ronsheng is rumoured sold at $22 mln , while the one-year younger and scrubber-fitted sisterhip MOUNT APO 176,000 dwt 2012 Jiangsu Ronsheng has been bought by clients of P. Doehle for $24.7 mln. Very active the Supramax/Ultramax market, where Turkish Owner Densay is rumoured as the seller of the ecotype SSI FORMIDABLE 63,000 dwt 2017 Jinling at $27 mln. Chinese Dolphin 57 sisterships SKY GLOBE 57,000 dwt 2010 Taizhou Kouan and STAR GLOBE 57,000 dwt 2010 Taizhou Kouan are reported sold enbloc to undisclosed buyers, respectively at $11.2 mln and 10.7 mln. The Japanese built PYTHAGORAS 56,000 dwt 2012 Mitsui is rumoured sold to Greek buyers at $18.2 mln”, the shipbroker said.
It added that “during the course of last week there has been quite some activity in the tanker sector. Starting from the larger sector, the Suezmax NAMSEN 157,000 dwt 2016 New Times has been reported sold to Hayfin Capital Holdings for $67 mln; for reference, back in June, the two years younger ELANDRA OSPREY 157,000 dwt 2018 Hyndai Samho was sold for $75 mln. In the LR sector, the epoxy coated SEA SENOR 109,000 dwt 2006 Dalian exchanged owners for region $35.5 mln which indicates a strengthening in price considering the sale of sister EPANASTASEA 109,000 dwt 2008 Dalian at $37.5 mln, in early July. Moving on to MR tankers, the BRUNSWICK 46,000 dwt 2010 Shin Kurushima has been sold for $24 mln to undisclosed buyers; at the end of June, the Japanese built ANFA 47,000 dwt 2010 was reported sold at very close levels, $24,25 mln. While on the smaller sector, the STST WAWASAN BLUEFIN 20,000 dwt 2008 Shin Kurushima has been reported sold to undisclosed buyers for $18.5 mln”, Banchero Costa concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide