Immense pressure on the values of all dry bulk carriers

By Harry Vafias

During the past month we have seen immense pressure on the values of all dry bulk carriers, especially the older ones and the ones from non quality yards, but the interesting thing is how many chrts are now having serious cashflow problems leading to closures, renegotiations and legal fights with owners!

Newbuild orders have dried up and we only see a few tanker orders being placed sporadically. Ditas agreed with Hyundai to build two suezmaxes for $64 mill apiece for Iranian trading while HMD won a single product tanker. Last but not least U ming went to oshima for two kamsarmaxes.

Lets move ahead with the dry sales. A cape resale from imabari has been picked by idan ofer for only $31,5 mill! Winning paid $19 mill for the ‘golden hope’ 177,000 dwt built 09 japan while karadeniz agreed to buy the ‘kohyosan’ 172,000 dwt built 01 japan for $5 mill. Marmaras is rumoured to have paid $7,6 mill for the ‘epson trader’ 82,000 dwt built 07 japan while Diana paid $40 mill for three panamaxes all built china 13/13/10 from their affiliated company AS shipping. Lumoso spent $5,5 mill for the ‘new pacific’ 55,000 dwt built 05 4x30 japan, the ‘federal baffin’ 55,000 dwt built 07 japan 4x30 got $7,7 mill and the ‘widar’ 57,000 dwt built 11 china 4x30 got $7,5 mill. The ‘cymbeline’ 73,000 dwt built 01 japan SS passed fetched $3,5 mill while the ‘anne kjersti’ 53,000 dwt built 12 vietnam 4x36 got $6 mill. Samos paid $11, 5mill for the ‘shin sho’ 177,000 dwt built 06 japan basis SS due while the ‘pacific guardian’ 52,000 dwt built 06 philippines 4x30 got $4,8 mill and the ‘michael S’ 50,000 dwt built 01 japan 4x30 was sold for $2,7 mill to eastmed through a local greek bank.

Lets finish off with the 2^nd hand wet transactions.  The ‘maritina’ 75,000 dwt built 06 japan epoxy got $26 mill while eletson agreed to pay $37 mill to acquire enbloc the ‘meliora cogito / morgane’ both 37,000 dwt built 06 korea epoxy. The ‘ocean mare’ 106,000 dwt built 06 korea was committed to greek buyers for $27 mill but it seems that the sale has now failed. Moundreas paid $21,5 mill for the ‘takachiho’ 280,000 dwt built 98 japan while bahri paid $167 mill to acquire enbloc 5 scoprio MR’s all built HMD during 14, all 50,000 dwt epoxy.