Harry Vafias: Pessimism has started to spread out especially on bulkers and containers

By Harry Vafias

MONTHLY SALE AND PURCHASE  REPORT 1^ST JUNE 2017

Summer is upon us and pessimism has started to spread out especially on bulkers and containers.  LOI’s that were signed on the dry side have been abandoned, renegotiations are common place and ships that 3 months ago were sold fast and with outright bids waiving inspections and now having to accept lower prices or risk to be withdrawn!

As always lets start from the newbuilds front. BW agreed with Samsung to build 4 VLCC’s costing $83 mill apiece whereas frontline went to HHI for two similar ships costing $81,5 mill. TCC ordered two VLCC’s at HHI costing $81 mill each, NS lemos exercised their options for two more VLCC’s at the same yard at shade below $80 mill each while Euronav also went to HHI for two more suezmaxes against charters to Valero and thus now this owner has 4 sisterships on order at this yard.

 Union maritime went to HMD for two option two 50,000 dwt products costing $33 mill each. Vogemann ordered two option two dry handies at Taizhou kouan costing $20 mill each, korea line went to chengxi yard for four kamsarmaxes costing $24,5 mill eachand Taiwan navigation agreed with oshima to build two 62,000 dwt ultramaxes costing $25 mill each.  Transocean ordered two 82,000 dwt kamsarmaxes at jinling costing $24 mill each.

2^nd hand dry transactions

Lets continue with the 2^nd hand dry transactions. Navios paid $29 mill for the ‘triton condor’ 180,000 dwt built 09 japan and $31 mill for the ‘amigo II’ 180,000 dwt built 11 korea while the ‘king sail / lin jie / king peace’ 177,000/177,000/79,000 and 02/03/11 built japan/japan and china respectively got sold to fred cheng  enbloc for $45 mill. meghna paid $12 mill for the ‘marjatta P’ 56,000 dwt built 06 japan 4x30 while tideline paid $8,5 mill for the ‘CS ocean’ 32,000 dwt built 08 japan 4x30,5. 

The ‘frontier hero’ 81,000 dwt built 14 japan got sold off market, while the ‘fujisuka’ 52,000 dwt built 05 japan 4x30 got $9 mill and the ‘tai harmony’ 51,000 dwt built 01 japan 4x30 got $6,6 mill from crown cement.

  The ‘hanjin paradip’ 82,000 dwt built 13 japan got $21 mill, the ‘crystal palace’ 58,000 dwt built 08 philippines 4x30 got $13,5 mill, the ‘ocean diamond’ 53,000 dwt built 07 japan 4x30 got $10 mill and the ‘ v gannet’ 51,000 dwt built 02 korea 4x40 got $6,4 mill. 

The ‘global peace’ 32,000 dwt built 11 japan 4x30 got $10,5 mill from pacific basin, the ‘santa paula’ 77,000 dwt built 09 japan got $15 mill and the ‘acacia bulker’ 33,000 dwt built 05 japan 4x30 fetched $7,5 mill.

2^nd hand tanker sales

Lets finish off with the 2^nd hand tanker sales. AET paid $163 mill to acquire enbloc the ‘gener8 noble / gener8 theseus’ both 300,000 dwt built 16 korea while the ‘STI emerald / STI sapphire’ both 50,000 dwt built 13 korea got $28 mill each. Benetech paid $17,5 mill for the ‘fortune victoria’ 75,000 dwt built 07 japan coated while union maritime spent $16,3 mill to buy the ‘pretty world’ 51,000 dwt built 07 korea. Geden paid $63 mill to buy enbloc the ‘ Baltic marshall / merchant / ambition / faith / force’ all 37,000 dwt built 06 korea coated. The ‘high fidelity’ 50,000 dwt built 14 vietnam got $27 mill with 10 years BB back, the ‘BLS ability’ 85,000 dwt built 02 japan got $9,5 mill from Avin and ancora paid $10,6 mill for the ‘mare ambassador’ 37,000 dwt built 05 korea coated.