MARKET NEWS/ RUMOURS

The great Posidonia exhibition (the largest gathering of the international shipping community) is opening tomorrow, however maritime parties have already started & going strong for a week now.

As expected, the s+p market has quietened as owners and brokers alike are enjoying the pleasure of networking in Posidonia’s renowned social events.

On the dry-bulk side, we have few fresh candidates coming from Japan market, attracting dozen of inspections.

We understand that owners of supramax MIMOSA (53K BLT 2007/JAPAN CR 4X30T) have invited & received offers on the low side this week and are now inviting for more inspections. In addition to our last week’s report, we understand that modern panamax sisters XIAO XIAO & XIAO YU (76K BLT SEP & NOV 2011 HUDONG/CHINA) have changed hands en bloc within China for $24 mill each including 2 years time charter back at a rate of $17,000 per day. Last week’s reported sale of geared panamax FEGGITES (69K BLT 1989 HYUNDAI/S.KOREA CR 4X30T SS DUE 02/2013, LDT 10600) for $5.7-5.85 mill from

Chinese buyers have fallen through, as vessel is again circulated in the market for sale. Korean controlled older handymax OCEAN TRADER (40K BLT 1987/S. KOREA CR 4X25T LDT 8968) has been snapped by Chinese buyers who waived inspection and paid $4.2-4.3 mill, having a scrap price of $3.6 mill, indicating further softening of 80’s built tonnage prices.

Syrian buyers have acquired older handy NIKOLAOS (34.5K BLT 1984/JAPAN CR 4X25T LDT 6596) for $3.2 mill with dry-dock surveys due, basis prompt delivery at Iskenderun-Turkey. Further to our last report, we picked up that handy APEX BULKER (33K BLT 2003 KANDA/JAPAN CR 4X30T) has changed hands within Taiwan for the firm price of $14.5 mill. We heard that 10-year old handy AZURITE OCEAN (32K BLT 2002 HAKODATE/JAPAN) has been inspected by 10 parties, half of them being Greeks.

In the Tanker segment, MR resale GAN-TREASURE (EX H 2176, 51K BLT 2012 HYUNDAI MIPO/S.

KOREA) has gone to Greek buyers for $31 mill. In addition to last week acquisition of MR FREJA FIONIA (54K BLT 2007 SHIN KURUSHIMA/JAPAN PUMP-ROOM) for $21.5 mill, clients of Thenamaris
have also purchased aframax RUBY RIVER (107K BLT 2004 KOYO/JAPAN) for $21.5-22 mill. Russian buyers have committed en bloc chemical tanker sisters WEDERSTERN & ODERSTERN (11K BLT
1992/GERMANY IMO 2 COATED/COILED) for $4.5 mill each. Great Eastern of India have disposed their older LPG unit JAG VIRAJ (17.5K BLT 1991 HYUNDAI/S. KOREA) for $9.5 mill to clients of Negmar of Turkey.

On the container/mpp front, Greek buyers have paid the firm price of $5 mill for cellular & geared BV 1700 type containership MARLENE S (23K BLT 1995 MTW/GERMANY 1684 TEUS CR 3X40T LDT
7000) basis dry-docking survey freshly passed. Hi-spec, super-ice class MPP unit ATLASGRACHT (12K BLT 1991/HOLLAND 1 BOX HO/3 HA 679 TEUS) has gone to undisclosed buyers for the strong level of
$7.5 mill.

In the demolition sector, the situation in subcontinent is still unstable and rates continue being weak due to overcapacity of breaking yards & lack of end-users. This week’s prices are ranging between $405-415 for bulkers, at $430 for tankers and between $415-418 for container vessels. China was not active this week while Turkey was affected negatively paying $330 for bulkers & $340 for tankers and containers.

CLICK ON THE LINK BELOW FORE FULL PDF REPORT:

http://www.seanews.com.tr/reports/Lion_Weekly_03_june_2012.pdf