MARKET NEWS/ RUMOURS
On the dry-bulk front, the market remains depressed as the BDI index is fluctuating at low levels (715-734) this week. Modern post panamax INCE ISTANBUL (106K BLT 2011 STX DALIAN/CHINA) is reported sold to undisclosed interests for $32 mill. Hong Kong buyers have acquired geared panamax B ASIA (70K BLT 1990 HYUNDAI/S.KOREA, CR 4X25T, GRABS) for $6.5 mill which indicates further softening in the geared panamax prices as her exact sister B INDONESIA was sold to Chinese Buyers two months ago for $7.8 mill.
Japanese controlled younger sister SAGARKIRAN (73K BLT 1995 HYUNDAI/S.KOREA, CR 4X25, GRABS) is reported committed for $11 mill however we understand that reports are incorrect; our sources in Japan confirm that she is still for sale and Sellers are inviting offers beginning of next week having been inspected by 7 buyers in India. In a bank arranged deal, one more panamax (gearless) changed hands this week; Cleints of Karlog of Greece have agreed to purchase NEWLEAD ESMERALDA (69K BLT 1990 JAPAN) for $11 mill from US Listed Newlead Holdings.
As a finance deal, this sale should not be considered a market reference. Middle of this week we picked up that older handysize LORD NELSON (37K BLT 1984 JAPAN CR 4X25T) is rumoured committed region $4.8 mill while handy SANTA PACIFICA (28K BLT 2000/JAPAN CR 4X30T) have seen offers region low $11mill and 5 buyers have applied to inspect her during her South Korea call. Larger handy LUPINUS (31.7K BLT 2005 SAIKI/JAPAN CR 4X30T) has gone to Greek buyers for $16.9 mill setting a new low benchmark. Nineties vintage handy BALTIC FRONTIER (27K BLT 1992 JAPAN CR 4X30T) is finally committed to Singaporean buyers for the low level of $5.6 mill having previously failed back in December at $8 mill! Last but not least, we heard that smaller unit ACE DRAGON (24K BLT 1997 HAKODATE/JAPAN CR 4X30T) is committed to undisclosed buyers for $8 mill. In the Tanker segment, clients of M3Energy of Malaysia have bought double hull vintage aframax DALMACIJA (96K BLT 1996/S.KOREA, LDT 15629) for 10 mill while MR SELENDANG PERMATA (45K BLT 1997/CHINA LDT 11635) has finally fetched $8 mill to her Owners, having being erroneously reported sold for $7.5 mill back in December.
Reports suggest that US funds have committed en bloc four MR’S (50K BLT 2008/09/12/CHINA) for $110 mill & another three MR’S (40K BLT 2003/03/05/S.KOREA) for $53 mill.
Demolition
In the Demolition sector, we have great activity noticing 2 VLCCs & 1 aframax tankers plus 1 cape and 2 panamax bulkers hitting the beaches of Alang & Gadani this week to get torched.
Due to oversupply of tonnage, subcontinent feeling is NEGATIVE with prices ranging at $470 for bulkers, at $490 for tankers & at $490 for Tweendeckers/Containers. In other major demo-markets this week, China is down paying $420, while Turkey has improved paying $330 per lt.
See the detailed report of Lion Shipbrokers by clicking the link below (Document is in PDF format):
http://www.seanews.com.tr/reports/lionweekly_17_02_2012.pdf