MARKET NEWS/ RUMOURS
The BDI has broken the psychological 1000 mark as the indices continue to slide for one more week.
Optimists out there hope that this is a seasonal correction in view of the Easter holidays around the world and the market will eventually improve afterwards, while pessimists argue that contrary to earlier predictions, 2014 is turning to be a worse year than 2013 and will continue this way. We were expecting that on Easter week, s+p activity would slow down; however we picked up numerous transactions for one more week:
Bulkers:
Modern panamax ZHUSHUI 3 (79K BLT 2012 JINHAI/S. KOREA) has been sold to Greek buyers for $23.5 mill, while we picked that her exact sister ZHUSHUI 5 is also committed on subjects for the same price to undisclosed interests. South Korean controlled mid-nineties panamax EVER YOUNG (73K BLT 1995 SAMSUNG/S. KOREA) changed hands locally for a firm $8.3 mill. Remind you that six months ago in November 2013, she was reported fixed and failed one million less at $7.2 mill.
Modern handymax JING YANG (47K BLT 2012 CROWN/CHINA CR 4X30T) changed hands within China for a soft $17 mill, while Danish buyers have purchased modern handy TAIZHOU PIONEER (32K BLT 2011 MAPLE LEAF/CHINA CR 4X30T) for a soft $16.75 mill. Japanese controlled handy FLEX SHINE
(32.7K BLT 2003 KANDA/JAPAN CR 4X30.5K THREE-GENERATORS) is sold to American buyers (rumoured to clients of TBS of U.S.A.) for a price of $15 mill, same level as last month’s sale of similar unit CATHRIN OLDENDORFF (31K BLT 2003 SAIKI/JAPAN CR 4X30T). Norwegian controlled handy logger SUPER CHALLENGE (28K BLT 1996 TSUNEISHI/JAPAN CR 4X30T 2 GENS GRABS) have gone to Greek buyers for $8.5 mill, while back in December 2013, her exact sister SUPER ADVENTURE went also to Greeks for $7.5 mill ($1 million less). Open hatch/box shaped handy WOOYANG STERLING (20.7K BLT 1999 KEPPEL HITACHI/SINGAPORE CR 4X36T 3 GENS) was snapped by Greek buyers for $6 mill basis special & dry-docking surveys due this June.
Demolition:
As per our sources, approximately 231 ships have been demolished over the first three months of this year out of which 213 units (93%) ended in Asia. The scrapping pace is slower than last year but still at very good level; an average of 18 ships per week is recycled in 2014 compared to 22 ships per week in 2013:
1. India 85 ships (37%)
2. Bangladesh 49 ships (21%)
3. China 36 ships (16%)
4. Turkey 26 ships (11%)
5. Pakistan 19 ships (8%)
(Source: Ship-breaking bulletin, Robin Des Bois)
India remains the world’s favourite demolition destination with 85 ships (37%) so far. It should be noted that for the first time since 2006, container ships are topping the demo-list:
1. Container 55 units (24%)
2. General Cargo 54 units (23%).
3. Tankers 45 units (19%)
4. Bulkers 42 units (18%)
(Source: Ship-breaking bulletin, Robin Des Bois)
CLICK ON THE LINK BELOW TO READ THE FULL REPORT IN PDF FORMAT:
http://www.seanews.com.tr/reports/lion_weekly_17_april_2014.pdf