On the dry-bulk front, we had a relatively quiet week; Japanese controlled panamax SANKO FRONTIER (75K BLT 2011/SASEBO/JAPAN) is rumoured committed to Greek or London based buyers (Zodiac?) at levels $28.1-28.5 mill. We understand that Tess 76 panamax MINERAL STAR (76K BLT 2005 TSUNEISHI/JAPAN) remains unsold and highest offer received so far is at level $20.5 mill, while her Owners are holding out for a price region $21.5 mill. Woodchip carrier FOREST CREATOR (49K BLT 1996 IMABARI/JAPAN CR 3X14.5T) has been bought by Chinese buyers for $7.3 mill. Larger handy LUPINUS (31.7K BLT 2005 SIKI/JAPAN CR 4X30T) seems to finally found buyers (Swiss or Greek) at a price of $15.8-$16 mill  as she was fixed & dropped on subjects 2 weeks ago at $16.9 mill to Turks.  European buyers have agreed to buy vintage handy IKAN SEPAT (28K BLT 1984/JAPAN, CR 4X25T, LDT 6537 MT) for $3 mill with her dry-dock survey due next month, which is approximately her scrap value basis $460 per lt.  

In the Tanker segment, we picked up that modern aframax sisters ARCTIC GALAXY & LYBIAN GALAXY (105K BLT 2008 HYUNDAI/S.KOREA) have gone to undisclosed interests for the firm price of $38 mill each, as we would estimate a 5 year old aframax tanker around $34 mill. Two aframax units changed hands this week; Buyers from Venezuela have purchased FRANKOPAN (101K BLT 1995

CROATIA) for $9.3 mill while younger HAMANE SPIRIT (98K BLT 1997/JAPAN) went to undisclosed interests for $10 mill with her surveys due this summer. Handy product unit CAPE BEAR (33K BLT 1997/RUSSIA LDT 10220) has attracted $8.8 mill from Indonesian buyers, having a scrap value of about $5 mill. At a Judicial Sale on 22nd of February, epoxy coated, double hull chemical unit KALIA (5.7K BLT 1999/TURKEY IMO2/3 COATED/COILED/BOWTHRUSTER) has commanded a price of $3.4 mill basis as-is/where-is Limassol, Cyprus by clients of Euronav of Greece. 

In the container/mpp area, we had a very active week with various en-bloc sales to report; German buyers have bought en-bloc modern geared feeder sisters X- PRESS ANNAPURNA & X-PRESS DHAULAGIRI (22K BLT 2008/TAIWAN 1713 TEUS CR 2X40T) for $21 mill each, while clients of MTT of Malaysia have purchased en-bloc 3 feeders MARIA, PETER & PAUL RICKMERS (14K BLT 1993/POLAND 1150 TEUS CR 3X40T) for $4.5 mill each. Other Malaysian buyers, clients of Syscorp, are reported to have acquired a fleet of eight (8) feeders for $33 mill en-bloc (please see page 2). German controlled multipurpose unit AQUILA COLLEAGUE (20K BLT 1998 GERMANY CR 2X60T) have achieved $6.5 mill by German compatriots, while geared feeder HELENE (11.7K BLT 2005/CHN 957 TEUS CR 2X45T) went to European buyers for $13.3 mill.  

In the Demolition sector, one more week of healthy activity, noticing the fifth VLCC (TITAN NEPTUNE LDT 34,000) going for scrap this year in addition to 1 Aframax, 2 Capes and 1 panamax heading for the breakers' yards. Subcontinent sentiment is stable with prices ranging at $465 for bulkers, at $490 for tankers & at $490 for Tweendeckers/Containers. In other major demo-markets this week, China remains stable paying $425, likewise for Turkey paying $335 per lt. 

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LION SHIPBRROKER REPORT 04/March/2012