MARKET NEWS/ RUMOURS

On the dry-bulk front, the BDI continues to reluctantly increase & has broken the 900 mark this week.

We understand that prompt cape resale ex Hyndai Shipyard (179K BLT HYUNDAI ULSAN/S. KOREA HULL 2380 DELIVERY END 2012) was committed by clients of Tsakos of Greece for region $43-44 mill.
Two panamax bulkers changed hands this quiet week; Greek buyers have paid the firm price of $21-21.25 mill for Japanese controlled MINING STAR (76K BLT 2005 TSUNEISHI/JAPAN) while
EPANORTHOSIS (73K BLT 2004 JIANGNAN/CHINA) is rumoured sold to Korean buyers for $20.3 mill.

JSK of Indonesia have emerged as the buyers of last week’s sale of SUMMER FORTUNE (69K BLT 1997 IMABARI/JAPAN) for $10.5 mill. Vintage handysize PANGORGO (28K BLT 1984/JAPAN CR 4X25T LDT 6190) was snapped by Syrian buyers for the excess scrap level of $3.2 mill.

In the Tanker segment, we had one more quiet week; Late 90’s clean trading LR2 unit CHAMPION POWER (105K BLT 1999 SAMSUNG/S. KOREA) was purchased by clients of Atlas Maritime of Greece
for a price of $11.5 mill. Clients of Minerva Marine of Greece are reported to have acquired MR duo SABRINA EXPRESS (47K BLT 2009 ONOMICHI/JAPAN) for $26 mill & SUNNY EXPRESS (48K BLT 2004 IWAGI/JAPAN PUMPROOM) for $16 mill or $42 mill en bloc. Smaller chemical tanker ATTIKOS (11.8K BLT 2005/CHINA, EPOXY COATED, COILED) has gone to undisclosed buyers for $10 mill.
In the container/mpp/tween segment, modern geared unit CAP NORTE (41.8K BLT 2007/POLAND 3091 TEUS CR 3X45T) was sold to undisclosed buyers for $29 mill including 3 years t/c at $17,500 per day
to Hamburg Sud; please note the firm price reflects the high t/c rate.

In the Demolition sector, subcontinent sentiment is steady 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.

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LION SHIPBRROKER REPORT 19/March/2012