On the dry-bulk front, the market remains stable at low levels. Japanese owned Tess 76 panamax MINERAL STAR (76K BLT 2005/TSUNEISHI/JAPAN) is reported committed or under close negotiations to Greek buyers at levels $21.5-21.6 mill, while other sources suggest that her Owners were not happy with offers received and have withdrawn her from the market (offers were invited by 21st Feb this week- rumoured highest offer received was region $20.8-21 mill). Nineties panamax EASTERN QUEEN (70K BLT 1994 DAEWOO/S.KOREA) reported sold last month region $10.7-10.9 mill to Chinese buyers, has been re-circulated in the market this week, as apparently her prospective buyers never signed moa.
Vintage Handymax LABRO (41K BLT 1984/JAPAN, CR 4X25T, LDT 7623 MT) is sold for $3.8 mill, which is approximately her scrap value basis $500 per lt (her last position was unfixed in Chittagong, Bangladesh). Clients of Clipper are reported to have committed en-bloc handy sisters CLIPPER MORNING & CLIPPER MERCURY (27K BLT 2002/2004 NEW CENTURY/CHINA CR 4X30T) to undisclosed buyers for $24 mill. It should be noted that Clipper Mercury is on charter at $10,500 p/d net for 8+3 months that commenced 2nd September 2011. Japanese owners are proving again this week that they are the most realistic sellers in the market, disposing two 1997 blt handy units; Greek buyers are said to have purchased KEN ANN MARU (32K BLT 1997/JAPAN CR 4X30T) for $9.5 mill and smaller DIAMOND GLORY (28K BLT 1997/JAPAN CR 4X30T) for $9.1 mill. Prices achieved indicate further softening of handy tonnage values. Meantime, we picked up that buyers of semi-boxed handy ALADDIN RAINBOW (32K BLT 1999 KANDA/JAPAN CR 4X30T) are rumoured to be clients of
Oldendorff of Germany while younger unit LUPINUS (31.7K BLT 2005 SIKI/JAPAN CR 4X30T) remains available for sale as she was erroneously reported fixed last week at $16.9 mill to Greeks.
On the container/mpp front, at an Admiralty Court Sales auction (on 16th February) in Gibraltar, two mid 90’s geared feeders found buyers. ASTOR & CONDOR I (18K BLT 1995/POLAND, 1129 TEUS, CR 2X43T, LDT 6782) have commanded a price $4.2 mill each basis prompt delivery as-is/where-is Gibraltar. Meanwhile another mid 90’s German built geared feeder ANDREA (14K BLT 1995/GERMANY 1104 TEUS CR 2X45T) was snapped by clients of Meratus of Indonesia for $4.15 mill.
In the Tanker segment, double hull suezmax MONTE GRANADA (150K BLT 2004 UNIVERSAL/JAPAN) is committed to clients of Tanker Pacific of Singapore for $33 mill while we understand stainless steel unit OAK GALAXY (20K BLT 2005/JAPAN CENTRE-LINE BULKHEAD) has been under close negotiations at mid-high $19 mill levels and may soon be gone to clients of Wilmar of Singapore. Two LPG tankers changed hands this week; Vintage unit MAHARSHI LABHATREYA (20K 1982/NORWAY CBM 24047) was sold to clients of Mount Risho Investments for $12 mill for storage project in Africa.
Smaller vintage unit ONCOR (3.6K BLT 1987/SPAIN CBM 3216) was purchased by clients of Transgas of Peru for $2.2 mill.
In the Demolition sector, the current oversupply of tonnage has caused a slowdown in activity; however, our short term forecast is that demo-market will pick up again. The fluctuation of demo rates is causing price renegotiations, that why we would like to remind our Ship-owners to be careful & pay great attention on track record and background, when choosing Cash Buyer for their ship’s last voyage.
This week we notice 1 VLCC tanker plus 1 VLOC & 1 panamax bulkers heading for the beach. Subcontinent feeling is negative with prices ranging at $465 for bulkers, at $490 for tankers & at $490 for Tweendeckers/Containers. In other major demo-markets this week, China is stable paying $420, while Turkey is improved paying $335 per lt.
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