The problem isn’t so much the demand but the oversupply of ships!

By

Harry Vafias

Posidonia was very well attended and the mood was a lot better than 2 years ago, however the markets especially the mainstream ones ie dry, wet and containers have been suffering a lot over the last couple of months, the problem isn’t so much the demand but the oversupply of ships!

Lets begin from the new orders front. W marine agreed with sainty in china to build two kamsarmaxes for $33 mill each while fortune ocean went to DACKS for four 61,000 dwt bulkers. Asahi kaiun and first steamship went to sasebo for 85,000 dwt bulkers, one each, costing $35,4 mill while panocean agreed with new times to build two newcastlemaxes costing $56 mill each. Imabari won an order from JJ ugland for two 63,000 dwt bulkers (they have another 4 on order ordered in JV with Mitsubishi) and fortescue went to jiangsu yangzijiang for four 262,000 dwt VLOC’s costing $69 mill each! Victoria steamship went to Jiangsu haitong for three option three 64,000 dwt bulkers.

Kyklades agreed with sungdong to build four suezmaxes costing $65 mill each whereas gaslog agreed with Hyundai to build two option four 174,000 LNG ships (they have another 9 on order at Samsung!). West africa LPG ordered two 38,000 fully ref LPG’s at Hyundai mipo costing $52 mill each while DOSCO went to GSI for three 50,000 dwt products costing $35 mill each and parakou ordered four similar ships in SPP for $36 mill apiece. Last but not least Shanhaiquan yard got an order from china shipping development for two option one 65,000 dwt crude tankers.

Lets proceed with the 2^nd hand dry sales. The ‘king santos / king seattle’ both 82,000 dwt built 14 STX got $64 mill enbloc from golden union while the ‘grain pearl’ 81,600 dwt built 13 china got $27,5 mill. Chinese paid $22 mill for the ‘ye shan’ 79,000 dwt built 11 china while the ‘star lygra’ 50,000 dwt built 13 korea 4x75 got $49 mill! Kristian jebsens paid $50 mill to aquire enbloc two resale handies 35,000 dwt each ex tsuneishi zhoushan 2015 deliveries while Diana paid $58 mill for a cape resale ex Qingdao beihai with prompt delivery. Kanellakis paid $52 mill for a 2011 built korea, cape called ‘blue manaslu’ while Chinese spent $15 mill for an unfinished hull in china 80,000 dwt. The ‘bumbi’ 29,000 dwt built 04 japan 4x30 got $13,25 mill while the ‘yusho spica’ 76,000 dwt built 06 japan got $20 mill from chronos. Last but not least the ‘father neptune’ 55,000 dwt built 09 japan 4x30 got $25 mill.

Lest finish off with the tanker sales. Double hull tankers agreed to pay $590 mill to acquire the samco fleet of VLCC’s (7 in total built 12/12/11/11/07/07/06 all in Hyundai) while the ‘fortune elephant’ 317,000 dwt built 2011 Hyundai got $78 mill. NAT paid $36,5 mill for each of the ‘energy sprinter / energy skier’ both 159,000 dwt both built Hyundai 05 and Maersk paid $23 mill for the ‘eastern force’ 48,000 dwt built 09 japan pumproom type. Saipem paid $24 mill for the ‘neptune glory’ 300,000 dwt built 98 while the ‘hilda knutsen / torill knutsen’ 166,000 dwt both built 13  Hyundai, shuttle type got $166 mill each! Estoril paid $19 mill for the ‘seatransport’ 106,000 dwt built 02 while Ardmore paid $46 mill to acquire enbloc the ‘atlantic innovator / pacific innovator’ both 47,000 dwt built 08 japan.