In Hellenic Shipping News 26/04/2017
With prices for second hand ships on the rise of late, a few ship owners have turned to the newbuilding ordering market, where more investment opportunities are to be found. In its latest report, Allied Shipbroking said that “the newbuilding market came to life this past week, with the numerous rumored deals that where in the works now coming to light. Interest has intensified considerably these past months, with in part the increase in secondhand prices having pushed a number of potential buyers to this direction, while at the same time the slowly firming prices being quoted by shipbuilders pushing others to place orders on speculation fearing that they will lose the window to secure these low prices before it closes shut. The truth is that given the current cost structure present in the main shipbuilding nations, prices are unlikely to hold at such low levels for very long. However given the state of the underlining fundamentals in the main shipping markets (dry bulk, tankers e.t.c), there is currently little reason for another excess to be made in the shipbuilding front and in effect drown the market once again with the glut in supply that will inevitably follow. We are still far from this scenario, but caution most always be held.
In a separate newbuilding report, Clarkson Platou Hellas noted that “there is one tanker order to report this week, with HHI signing a contract for one firm plus one optional 319,000 DWT VLCC. The firm vessel is set for delivery in 3Q 2018 from HHI’s Samho facilities. In the Passenger / Cruise market, Fincantieri are reported to have received an order for two firm plus two optional 47,800 GT Cruise Ships from Viking Ocean Cruises. Being the 7th and 8th vessels in the series, the firm two units will be delivered in 2021 and 2022 respectively and will be able to accommodate 930 passengers”, the shipbroker concluded.
In the S&P markets, VesselsValue noted that in the dry bulk market, “bulker values remain stable with the exception of Supramax and Handysize vessels which have firmed. A significant number of sales occurred in the Panamax sector. The Capsize Yuritamou (180,200 DWT, Jan 2007, Imabari) sold for USD 23.9 mil to Tsakos. Diana bought the Post Panamax vessels Soya May & Grain May (87,100/80,000 DWT, Mar/Jun 2013, Hudong Zhonghua) in an en bloc deal for USD 40.4 mil. The Supramax Four Kitakmi (55,500 DWT, Apr 2004, Mitsui Tamano) sold from Doun Kisen for USD 14.9 mil vs VV value 12.47 mil, firming Supramax values.
Ocean Hawk (37,100 DWT, Sept 2011, Hyundai Mipo) sold from Daiichi Chuo for USD 11.8 mil. CSL group bought the Cape Knox (28,400 DWT, Nov 2006, Shimanami) sold for USD 7.4 mil vs VV value USD 6.82 mil, firming Handy Bulker values”, VV noted.
Similarly, in the tanker S&P market, “tanker values have remained stable this week except for modern MRs where values have firmed.
Ratna Shalini (105,800 DWT, Mar 2010, Hyundai HI) sold on subs to TMS Tankers for USD 25.0 mil vs VV value USD 24.73 mil.
Modern MR values have firmed due to the en bloc sale of Nisida & Miseno (50,800 DWT, Jan/Feb 2012, STX Offshore) to Navigare for USD 48.0 mil vs VV value USD 46.03 million”, VV noted, before adding that in the container segment, “all container values firmed this week. One large en bloc deal of 14 Panamax vessels was concluded from Rickmers Maritime Trust to Navios Maritime Partners LP worth USD 113 mil. Charters were attached to the 5 larger vessels to OSK lines”, the ship valuations experts concluded.
In a separate note, Allied Shipbroking said that “on the dry bulk side, still a fair amount of activity is to be seen, with some sharp price increases being seen across most size segments. The latest trend is a faster pace increase in older aged assets especially in the 10 year old ranges, something being seen particularly so in the larger Capesize and Panamaxes. At the same time, there seems to be a significant increase building up for fairly modern Supramaxes, with more expected to be seen over the next couple of weeks . On the tanker side, there was slightly more activity to be seen this week though with a sense of a still softening trend on the price front. We are still seeing the main bulk of activity focusing on the smaller product tankers. This to some extent has also started to be reflected on the price front for MR and Handy tankers, where prices have halted their losses and are now seemingly showing some slight upward correction”, the shipbroker concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide
