Newbuilding ordering activity kept up its rising trend over the course of the previous week. In its latest weekly report, shipbroker Allied Shipbroking said that “newbuilding market activity was kept at firm levels during the past week given the fair flow of fresh projects that came to light. A remarkable shift was recorded within the market as perspective buyers have now seemingly shifted their focus from LNG over to the dry bulk sector, with a big order for Newcastlemaxes emerging this week along with some smaller orders for Ultramaxes, all of which were placed in Chinese yards. It seems that the LNG market has temporarily lost some of its momentum in terms of fresh ordering during the last week with only one order for 2 surfacing. Despite this, given the current favourable market conditions prevailing in the Gas sector, this shouldn’t be taken as an overall trend prevailing, with more interest for new orders likely to emerge in the near term, especially as the winter months start to take a “bite” on global energy markets. The tanker market, after a short period of quiet, managed to showed signs of recovery this week”.
In a separate note this week, Banchero Costa added that it was “an intensive week with revived action across many different segments. Drybulk orders on the headlines again with Tsuneishi Zhoushan taking 3 x 84,000 dwt Kamsarmax plus 3 x 42,000 dwt which marks the first sale of their new Handysize design. Allegedly these may be units ordered on speculation by Tsuneishi shipping arm aiming to resell at later stage subject to market conditions. No price nor deliveries are yet reported. Tsuneishi was awarded also for 4 x 64,000 dwt Ultramax at their Cebu facilities for delivery in 2024 and 2025. Cosco Shipyard saw an additional option being declared by Greek owner Iolcos Hellenic for a Kamsarmax for fairly prompt delivery in mid 2023.
German owners Vogemann optioned a 40,000 dwt Handysize Green Dolphin design at Jiangsu Dajin Heavy Industries for delivery in Q2 2025 and a price of $29mln, raising the total orderbook of the series to 5 units. An interesting note worth to be mentioned for the car carrier business, backed by the Chinese production of electric cars where manufactures are commissioning ships for their own business. Guangzhou Shipyard took an order for 2 x 7,000 ceu for delivery in 2025 and a rumour of another major contract for up to 6 x 9,200 ceu being under negotiation with different local shipyards. We cannot conclude without mentioning about gas: an interesting resale and long terms contract was concluded between Minerva and Exxon Mobil where the latter resold 2 slots at Samsung for VLGC for delivery in 2025 and 2026 at price of $221.5mln backing the deal with long term charter back (market price today for similar type would be around $250mln basis later deliveries)”.
Meanwhile, in the S&P market, Allied added that “on the dry bulk side, activity appeared modest for yet another week. The market has not managed to establish a stable trend across a specific size segment of the sector given the intense volatility noted on the side of earnings as of late. However, given the discounts that are on offer and the slight resistance noted on the side of further drops in earnings, some stability might start to emerge in the secondhand market and we may start to see an improvement in buying interest over the coming weeks. On the tanker side, the market showed signs of softening in terms of volume of transactions taking place during the past week. Given the upward trend from the side of earnings, this comes as a surprise but does not preface and major negative indication as to the prevailing trend we expect to see over the coming days. Taking into account the positive sentiment that dominates the market as of late, the anticipation has been one of a strong SnP market prevailing for now”.
Banchero Costa commented that “in the Dry sector 2 Capesize were sold, namely Navios Obeliks 181,000 dwt built 2012 Koyo Japan went to Greek Buyers for $29.5mln, the vessel is BWTS and Scrubber fitted, and HL Shinboryeong 179,000 dwt built 2010 Hyundai that changed hands for $24.8mln, BWTS fitted. Minerva was reported as the Buyer of the Kamsarmax CMB Partner 82,000 dwt built 2016 Tsuneishi Cebu, the vessel is BWTS fitted and the reported price us $29mln. In the Handysize segment the Interlink Activity 38,000 dwt built 2015 Taizhou was reported sold to undisclosed Buyers at $21mln.
The Nord Quebec 36,000 dwt built 2013 Onomichi was reported sold to Turkish Buyers at $17.25mln and the Super Caroline 33,000 dwt built 2007 Shin Kochi was reported sold at $13.7mln. All ships were BWTS fitted except the Nord Quebec. In the tanker sector CM Lemos was reported to be the Buyer of the Hyundai resale S 510 115,000 dwt built 2023 Hyundai at a price of $75mln, the vessel is scrubber ready and the deal includes 3yr TC. The MT Karachi 107,081 dwt built 2003 Imabari was reported sold to undisclosed at $21mln and the MT Fos Hamilton 105,408 dwt built 2013 HHI was reported sold to Preformance Shipping at $43.75mln. 2 small Product Tankers were reported sold on enbloc basis: GS Future and GS Forward 17,532 dwt built 2009/2008 Samho went for $24mln basis delivery 2023”.
Nikos Roussanoglou, Hellenic Shipping News Worldwide