MARKET COMMENTARY
Bulkers:
The dry market has deteriorated further (BDI today standing at 1037), as various traditional players are on holidays this week (Turkey, India, China, South Korea).
We recorded a total of 7 bulker transactions (1 cape, 2 kamsarmaxes, 2 panamaxes, 1 supra & 1 handy) this week. Handymax TRUVA 1 (46K BLT 2001 KANASASHI) was inspectable last week at the port of Thisvi in Greece, where we understand only 3 buyers (2 Greeks + 1 Middle Eastern) went onboard, clearly indicating lack of buying interest.
Clients of CarVal Investors were erroneously reported last week to have purchased caper KOHJU (172,498 BLT 2001 NKK/JAPAN) for $20 mill, which has been flatly denied by the Japanese Owners, however we heard this week that she is finally sold to same buyers for $25.5 mill.
Panamax prices are showing further correction which is evident in the transactions of Japanese controlled units BELMONTE (75K BLT 2007 UNIVERSAL/JAPAN) for $18.2 mill to Norwegian outfit ADS and MISHIMA (76K BLT 2002 IMABARI/JAPAN) for $12.5 mill to clients of Bulkseas of Greece (we understand this deal is subject to buyers’ board of directors approval within 7 days).
Japanese controlled supramax SEA ELEGANCE (51K BLT 2002 OSHIMA/JAPAN) is reported sold to clients of Drastirios of Greece for the soft price of $12.5-$13 mill, almost same level as the August’ deal of smaller & one year older unit ALAM AMAN II (47K BLT 2001 MINAMINIPPON/JAPAN) for $12.2 mill.
Demolition:
Subcontinent rates continue their bullish run as we picked up numerous deals reported at levels in excess of $500 per ldt (see page 2 & 3 of our report), as cash buyers stocked up in time before the Diwali & Eid Mumbarak holidays which started earlier this week on Tuesday and will last for 10 days.
India is leading the pack; however the short term forecast is negative due to the sharp rupee depreciation against the dollar. Bangladesh & Pakistan rates remain firm mainly due to a combination of cash buyers’ speculation and lack of tonnage.
Chinese market remains weak attracting no tonnage at all this week; local breaking shipyards are only supported from local Chinese owners due to the government imposed subsidies.
Turkish rates remain soft as last week to historical low levels for this period of the year, attracting no tonnage this week.
Lion Shipbrokers Market Report: WEEK 40 – 03 October 2014..
Click the link below to see the full report in PDF format..
Bulkers:
The dry market has deteriorated further (BDI today standing at 1037), as various traditional players are on holidays this week (Turkey, India, China, South Korea).
We recorded a total of 7 bulker transactions (1 cape, 2 kamsarmaxes, 2 panamaxes, 1 supra & 1 handy) this week. Handymax TRUVA 1 (46K BLT 2001 KANASASHI) was inspectable last week at the port of Thisvi in Greece, where we understand only 3 buyers (2 Greeks + 1 Middle Eastern) went onboard, clearly indicating lack of buying interest.
Clients of CarVal Investors were erroneously reported last week to have purchased caper KOHJU (172,498 BLT 2001 NKK/JAPAN) for $20 mill, which has been flatly denied by the Japanese Owners, however we heard this week that she is finally sold to same buyers for $25.5 mill.
Panamax prices are showing further correction which is evident in the transactions of Japanese controlled units BELMONTE (75K BLT 2007 UNIVERSAL/JAPAN) for $18.2 mill to Norwegian outfit ADS and MISHIMA (76K BLT 2002 IMABARI/JAPAN) for $12.5 mill to clients of Bulkseas of Greece (we understand this deal is subject to buyers’ board of directors approval within 7 days).
Japanese controlled supramax SEA ELEGANCE (51K BLT 2002 OSHIMA/JAPAN) is reported sold to clients of Drastirios of Greece for the soft price of $12.5-$13 mill, almost same level as the August’ deal of smaller & one year older unit ALAM AMAN II (47K BLT 2001 MINAMINIPPON/JAPAN) for $12.2 mill.
Demolition:
Subcontinent rates continue their bullish run as we picked up numerous deals reported at levels in excess of $500 per ldt (see page 2 & 3 of our report), as cash buyers stocked up in time before the Diwali & Eid Mumbarak holidays which started earlier this week on Tuesday and will last for 10 days.
India is leading the pack; however the short term forecast is negative due to the sharp rupee depreciation against the dollar. Bangladesh & Pakistan rates remain firm mainly due to a combination of cash buyers’ speculation and lack of tonnage.
Chinese market remains weak attracting no tonnage at all this week; local breaking shipyards are only supported from local Chinese owners due to the government imposed subsidies.
Turkish rates remain soft as last week to historical low levels for this period of the year, attracting no tonnage this week.
Lion Shipbrokers Market Report: WEEK 40 – 03 October 2014..
Click the link below to see the full report in PDF format..
CLICK ON THE LINK BELOW TO READ THE FULL REPORT IN PDF FORMAT: