MARKET NEWS/ RUMOURS

Busy-busy-busy fortnight on the dry-bulk side. Three capes changed hands; Cape resale SAG BULK CHINA (179K DELY JAN 2012 ORIENT/S. KOREA) is reported sold to S. Korean buyers for $40 mill.

Nineties vintage unit CAPE WISTERIA (173K BLT 1997/JAPAN) is acquired by Japanese buyers for $14.5 mill including 2-3 years time charter back at an undisclosed rate. Clients of Swissmarine of Greece are said to have bought GAIA (170K BLT 1999 DAEWOO/S. KOREA) from Japan market for $15.2 mill.

Japanese controlled post panamax beam ENERGY ANGEL (77K BLT 1998 MITSUI/JPN) was committed to Indonesian or Greek interests for $12-12.5 mill. Reports suggest that similar but younger unit OCEANIC BREEZE (77K BLT 2005 NAMURA/JAPAN) is sold for $21 mill to undisclosed buyers.

Charterers/Ship-owners Farenco of China have disposed their panamax OCEAN TIANJIN (76K BLT 2007 SASEBO/JAPAN) for $22 mill to undisclosed buyers, while clients of Cyprus Maritime have acquired CAPSTONE (76K BLT 2000 MITSUI/JAPAN) for $13.6-$13.8 mill, having previously fixed & failed on subjects to different Greek buyers for $15-$15.5 mill. At an auction in Cape Town in South Africa, vintage panamax PANOS EARTH (76K BLT 1984/JAPAN LDT 12944) was sold for $2.7 mill with damage to auxiliary engines and her new Chinese buyers will have to deliver her cargo (74,000MT iron ore cargo on board) to 1 safe port China – her scrap value in Subcontinent today is about $5.5 mill on delivered basis. Geared panamax FEGGITES (69K BLT 1989/S.KOREA CR 4X25T) is again reported sold for $4.35-$4.4 mill to Chinese buyers from Fujian province, having fixed & failed at $5.5-$5.85 mill to
other Chinese buyers earlier. Japanese controlled SANKO TITAN (52K BLT 2005 TSUNEISHI/JAPAN CR 4X30T) has attracted $18.5-$18.75 mill from clients of Arista Shipping or clients of Zodiac.

After purchasing Nena A & J couple of weeks ago, clients of B-Navi continue their shopping spree by acquiring polish built handymax MEGHNA PRIDE (48K BLT 1997 GDANSKA/ CR 4X35T) for $10-$10.5 mill. Greek buyers have committed Japanese controlled handymax AMBER K (48K BLT 2000 OSHIMA/JAPAN CR 4X25T) for $13-13.5 mill while Greek controlled-four years older FURIA R (47K BLT 1996 MITSUI/JAPAN CR 4X30T) went to Bangladesh buyers for $10.5-$10.6 mill. Older unit GOLD STAR (37K BLT 1984/JAPAN CR 5X25T LDT 7800) changed hands within China for a firm $3.7 mill basis dry-dock recently passed, having a scrap value today in Subcontinent of $2.8 mill. Doun Kisen’s open-hatch handy EMERALD OCEAN (33K BLT 2009 JAPAN CR 4X 30T 3 GENERATORS) has achieved the price of $18.5-$18.6 mill from clients of Dalex of Greece. Japanese controlled OCEAN BELLE (32K
BLT 1999 SAIKI/JAPAN CR 4X30T) has finally found South Korean buyers (clients of Asan Merchant Marine) who paid $9.7-$10 mill including two years time charter attached to Daiichi at $10,000 per day. Clients of Pacific basin are reported to have paid $17.2-$18 mill for modern handy GLOBAL PURITY (28K BLT 2009 JAPAN 5 HO/HA CR 4X30T) basis dry-dock freshly passed while Greek buyers have purchased smaller OCEAN HAWTHORN (25K BLT 1999 IMABARI/JAPAN CR 4X30T) for low $7 mill level.

In the Tanker segment, market was slow with few sales to report; mid nineties handy FORMOSA SIX (35K BLT 1995 JAPAN ZINC COATED) went to undisclosed buyers for $6 mill. Super ice-stainless steel unit CRYSTAL AMBRA (8K BLT 1998/DENMARK ICE 1A) was sold to Russian buyers for $9 mill while smaller CHEM RIGEL (4K BLT 1998 JAPAN STAINLESS STEEL TANKS) went for $5 mill to South Korean buyers. Small tanker resale 7K EX TITAN QUANZHOU HULL 0015 was committed to Chinese buyers for 8.6 mill, while marine line coated sisters MARDENIZ & KARDENIZ (7K BLT 2008 ICDAS/TURKEY) were acquired by Norwegians for 10 mill each. Another Turkish built unit OZAY-4 (5.7K BLT 2005 TORLAK, MARINE LINE, ST.STEEL COILS) was sold to Russians buyers for $6.7 mill.

Clients of Bot Broering of Germany have purchased small modern unit ALYA (2.1K BLT 2011 SELAY/TURKEY EPOXY COATED) for $7-$8 mill.

No part of this report may be reproduced or circulated without our prior written approval. 2 On the container/mpp front, AKINADA BRIDGE (5610 TEUS BLT 2001 HYUNDAY/S. KOREA) is sold to clients of Technomar of Greece for $34 mill including time charter back at $23,000 per day for unknown duration. Sisters OOCL HONG KONG & OOCL CHINA (5344 TEUS BLT 1995/96 SAMSUNG/S. KOREA) were committed en bloc to clients of Box Ships of Greece for $31 mill each including time charter back to Sellers OOCL at a rate of $26,465 per day for 3 years. German buyers have paid $13.2 mill for modern heavy lifter THORCO HIGHLANDER (12.7K BLT 2007 CHINA CR 2X120T) while Russian built coaster KLOSTERTAL (7K BLT 1996 SEVERNAYA 1HO/1HA) went to Turkish buyers for $1.75 mill. In an en bloc sale combined with financing, three gearless sisters MAGELLAN COMET, MAGELLAN STAR & PIONEER BUZZARD (8K BLT 2002 SIETAS/GERMANY 735 TEUS) were sold $5.5 mill each to undisclosed interests.

In the demolition sector, the situation in subcontinent remains weak & unstable. This week’s Subcontinent’s prices are ranging between $340-360 for bulkers, at $350-360 for tankers and
between $350-360 for container vessels. China is down again this week paying $320-330 as local steel scrap market is very poor & most breakers prefer to wait & watch. In Turkey, Aliaga’s breaking yards seem to have reached to their maximum capacity, thus driving prices even lower (in some cases even below $300 per lt) paying $300-305 for bulkers & $310-315 for tankers and containers.

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