Lion Shipbrokers Report-Market News and Rumours 19.03.2012
On the dry-bulk front we had one more week of healthy activity as the BDI keep going upwards. Two panamax bulkers changed hands this week; Indonesian buyers have paid $10.5 mill for Japanese controlled unit SUMMER FORTUNE (69K BLT 1997 IMABARI/JAPAN). Monday, 19.Mar.2012, 21:10 (GMT+3)
MARKET NEWS/ RUMOURS
On the dry-bulk front we had one more week of healthy activity as the BDI keep going upwards. Two panamax bulkers changed hands this week; Indonesian buyers have paid $10.5 mill for Japanese controlled unit SUMMER FORTUNE (69K BLT 1997 IMABARI/JAPAN) while China Shippingâ€™s SILVER MEI (68K BLT 1989/SASEBO/JAPAN) is reported sold to Chinese compatriots for $6.7 mill.
Japanese controlled open-hatch supramax SANKO MINERAL (50K BLT 2008 OSHIMA/JAPAN CR 4X40T) has beenpurchased by Greek Buyers for a price of $21.5 mill. Bangladeshi or Singaporian buyers have paid the firm price of $10-10.25 mill for handymax KONKAR THEO (45K BLT 1994 OSHIMA/JAPAN CR 4X25T) bearing in mind that she has her dry-docking surveys due this summer. Clients of DND of Greece have committed four years younger similar unit STAR SEA RAINBOW (42K BLT 1998 IHI/JAPAN CR 4X30T 10 CBM GRABS) for $11.75-11.8 mill having purchased her sister STAR SEA BULKER (BLT 1997) for $11.3 mill back in December. Woodchip carrier GRANDIOSA (42K BLT 1986 OSHIMA/JAPAN CR 4 X 14T GRAIN 86,894 CBM LDT 8611) was sold at auction to undisclosed buyers for $3 mill (Turkey scrap price basis 345 per lt) basis "as is, where is" with expired certificates in Constanza, Rumania, where she was laid up for more than a year. Chinese buyers have acquired 80â€™s vintage handymax CHIOS LIBERTY (39K BLT 1984 IHI/JAPAN CR 4X25T LDT 7137) for $3.25-3.5mill (excess China scrap price) basis special survey due & delivery in China as well as her sister WARRIOR (38K BLT 1984 IHI/JAPAN CR 4X25T LDT 7200 SS DUE 2014) for $3.4 mill. Turkish buyers have agreed to buy handy ARABELLA (25.7K BLT 1986 IMABARI/JAPAN CR 3X25T DER 1X25T) for $3.8 mill while smaller unit ALAM GULA (23K BLT 1985 JAPAN CR 4X30T LDT 5500) went to undisclosed buyers for levels of $3.15 mill.
In the Tanker segment, we had a quiet week; Vintage double hull MR PACIFIC RUBY (47K BLT 1994 S. KOREA) have commanded a price of $7.5 mill from undisclosed buyers while epoxy coated MR EBONY (47K BLT 2004/CROATIA) went to South American Buyers for $21.5 mill. Smaller stainless steel unit RUBINO (8K BLT 1992/ITALY ST. STEEL CARGO TANKS) changed hands within Norway for $3.8 mill. Clients of Navigator of U.S.A. have committed en bloc modern LPG sisters DESERT ORCHID & DANCING BRAVE (23K BLT 2009 JIANGNAN/CHINA) for a price region $52.5-53k each.
In the container/mpp/tween segment, vintage geared feeder MOL VOLTA (2135 TEUS 29K BLT 1996/JAPAN CR 2X40T) went for $9 mill to Greek buyers while smaller gearless feeder CLONMORE (550 TEUS 7.5K BLT 1993/NETHERLANDS) went for $2.4 mill to Chinese buyers.
In the Demolition sector we had a slow week, as cash buyers & ship breakers alike were expecting the Indian Union budget 2012-1013 announcement last week; there was a 2% increase in excise duty on steel import however it will NOT affect demo-prices at all. On the other hand, the oversupply of demotonnage is driving prices south hence we are hearing of various re-negotiations on the waterfront.
Noticing this week, the cruise ship PACIFIC PRINCESS BLT 1971/NORWAY (also known as â€śTHE LOVE BOATâ€ť from the American 80â€™s TV-series) heading for scrap in Aliaga, Turkey for Euro 2.5 mill ($3.3 mill) after being laid up for nearly 2 years in Genoa, Italy. Subcontinent sentiment is down with prices ranging at $460-470 for bulkers, at $480-490 for tankers & at $490-500 for Tweendeckers/Containers. In other major demo-markets this week, China remains stable paying $425, likewise for Turkey paying $335 per lt.