MARKET NEWS/ RUMOURSThe BDI this week continued to decrease (1082 today) mainly due to summer holidays however
buyers’ psychology remains positive keeping second hand values firm, especially in bulkers.Bulkers:
Japanese controlled Tess 82 kamsarmax SPRING OCEAN (82.9K BLT 2005 TSUNEISHI/JAPAN) was committed for the soft level of $18 -$18.3 mill basis dry-docking surveys due this October from Greek interests; remind you that last month larger sisters BRILLIANT SUNRISE & GLORY POWER (87K BLT 2006 IHI/JAPAN) attracted $19 mill each and back in May, smaller units SHOYO (77K BLT 2006 NAMURA/JAPAN) & OCEAN SHANGHAI (77K BLT 2006 SASEBO/JAPAN) went for $20 mill & $19.4 mill respectively. Another kamsarmax unit from the Japanese market, FORTUNE ISLAND (82K BLT 2008 OSHIMA/JAPAN) is reported sold to Greek buyers for $21.75 mill, in line with end June’s sale of her younger sister FLORENCE LILY (82K BLT 2009 OSHIMA/JAPAN) for $22.3 mill. COSCO’s Handymax YANTIAN SEA (45K BLT 1995 HALLA/S. KOREA 5HO/5HA CR 4X30T) changed hands within China for a soft $6.8 mill compared with May’s sale of Korean built sisters MARY G & MARY H (43.8K BLT 1996/97 DAEWOO/S. KOREA 5HO/5HA CR 4X30T) for $7.7 mill & $8.3 mill respectively.Japanese controlled handy PRINCESS ALIEL (28.5K BLT 2000 IMABARI/JAPAN 5HO/5HA CR 4X30.5T) was purchased for $11 mill by unnamed buyers in line with last month’s sale of younger sister ANGEL ISLAND (28.5K BLT 2004 IMABARI/JAPAN 5HO/5HA CR 4X30.5T) for the price of $13 mill to Greek buyers. Sinotrans’ handy GREAT CREATION (27.3K BLT 1998 HUDONG/CHINA 5HO/5HA CR 4X30T) has found undisclosed buyers who agreed to pay a firm $6.2 mill basis special & dry-docking surveys due this week (27/7/2013). Remind you that middle of last month, open hatch type CLIPPER FAITH (29.5K BLT 1998 DALIAN/CHINA 5HO/5HA CR 5X30T) was sold at auction for $6.4 mill basis ss/dd freshly passed.
Demolition:
Even though monsoon season is almost over, Subcontinent market outlook remain bleak with few sales to report. Pakistan is almost full; Bangladesh is weak due to limited access to finance by the local breaking yards and a two years low of local steel melting prices. In view of the above, cash buyers are holding on to their ships in the expectation of a possible recovery in the near future. Although a quite week in China, market rates have improved by $5 per lt at levels well above the $300 mark. Likewise, Turkish market has also firmed to levels in excess of $300 per Ldt, mainly due to local steel demand, however short term prospects are negative due to Ramadan holidays & local breaking yards overcapacity. CLICK ON THE LINK BELOW TO READ THE FULL REPORT IN PDF FORMAT:http://www.seanews.com.tr/reports/Lion_Weekly_26_july_2013.pdf
Japanese controlled Tess 82 kamsarmax SPRING OCEAN (82.9K BLT 2005 TSUNEISHI/JAPAN) was committed for the soft level of $18 -$18.3 mill basis dry-docking surveys due this October from Greek interests; remind you that last month larger sisters BRILLIANT SUNRISE & GLORY POWER (87K BLT 2006 IHI/JAPAN) attracted $19 mill each and back in May, smaller units SHOYO (77K BLT 2006 NAMURA/JAPAN) & OCEAN SHANGHAI (77K BLT 2006 SASEBO/JAPAN) went for $20 mill & $19.4 mill respectively. Another kamsarmax unit from the Japanese market, FORTUNE ISLAND (82K BLT 2008 OSHIMA/JAPAN) is reported sold to Greek buyers for $21.75 mill, in line with end June’s sale of her younger sister FLORENCE LILY (82K BLT 2009 OSHIMA/JAPAN) for $22.3 mill. COSCO’s Handymax YANTIAN SEA (45K BLT 1995 HALLA/S. KOREA 5HO/5HA CR 4X30T) changed hands within China for a soft $6.8 mill compared with May’s sale of Korean built sisters MARY G & MARY H (43.8K BLT 1996/97 DAEWOO/S. KOREA 5HO/5HA CR 4X30T) for $7.7 mill & $8.3 mill respectively.Japanese controlled handy PRINCESS ALIEL (28.5K BLT 2000 IMABARI/JAPAN 5HO/5HA CR 4X30.5T) was purchased for $11 mill by unnamed buyers in line with last month’s sale of younger sister ANGEL ISLAND (28.5K BLT 2004 IMABARI/JAPAN 5HO/5HA CR 4X30.5T) for the price of $13 mill to Greek buyers. Sinotrans’ handy GREAT CREATION (27.3K BLT 1998 HUDONG/CHINA 5HO/5HA CR 4X30T) has found undisclosed buyers who agreed to pay a firm $6.2 mill basis special & dry-docking surveys due this week (27/7/2013). Remind you that middle of last month, open hatch type CLIPPER FAITH (29.5K BLT 1998 DALIAN/CHINA 5HO/5HA CR 5X30T) was sold at auction for $6.4 mill basis ss/dd freshly passed.
Demolition:
Even though monsoon season is almost over, Subcontinent market outlook remain bleak with few sales to report. Pakistan is almost full; Bangladesh is weak due to limited access to finance by the local breaking yards and a two years low of local steel melting prices. In view of the above, cash buyers are holding on to their ships in the expectation of a possible recovery in the near future. Although a quite week in China, market rates have improved by $5 per lt at levels well above the $300 mark. Likewise, Turkish market has also firmed to levels in excess of $300 per Ldt, mainly due to local steel demand, however short term prospects are negative due to Ramadan holidays & local breaking yards overcapacity. CLICK ON THE LINK BELOW TO READ THE FULL REPORT IN PDF FORMAT:http://www.seanews.com.tr/reports/Lion_Weekly_26_july_2013.pdf