Newbuilding Orders Piling Up in Dry Bulk Segment

Increasing confidence in the dry bulk market’s long term recovery has triggered an increasing number of newbuilding orders over the course of the past week.

In its latest weekly report, shipbroker Allied Shipbroking said that it was “an interesting week for the Newbuilding market was due, mostly attributable to the Dry Bulk sector, which pulled in its weight this week dominating the reported activity tables this past week.

Despite the fact that freight market is showing some slight softening, with the BDI having eased back from its early January levels, fresh interest seems ample at this point, a mere reflection of the strong forward outlook being shared right now by most in the market.

Moreover, despite overall activity being still relatively slow for the time being, we have been seeing a considerable amount of options being declared.

At the same time it looks as though traders are starting to get into the game, providing ample backing for further ordering to take place.

On the tanker side, things are still lacking confidence with the bearish attitude in the freight market still leaving for minimal appetite to emerge in realized new orders”.

In a separate weekly note, Clarkson Platou Hellas said that there was “plenty of activity in the Dry market this week with 2020 Bulkers announcing they have extended their Newcastlemax series at New Times Shipyard. The buyers have declared options for a further 4 x 208K dwt vessels (taking the series to eight vessels in total) and these latest Newcastlemaxes are scheduled to deliver throughout 2020. Foremost Maritime have continued to extend their relationship with SWS by adding an order for a further 4 x 208K dwt Newcastlemaxes at the yard – these latest vessels will deliver in 2H 2020 and 1H 2021 and means the buyers now have a total of 10 Cape/Ncmax contracts delivering at the yard from 2019 onwards. Meanwhile, in the CSIC Group – Beihai have won an order for a pair of 325k dwt VLOC’s from U-Ming Marine. U-Ming have announced they have placed the order against COA to Vale and will take delivery of the vessels in 2H 2020. It has also been reported that SK Shipping have firmed up their discussions at Dalian
Shipbuilding for another pair of 325K VLOCs, again against Vale COA. Deliveries for these vessels in 1H 2021.

Finally, in the smaller sizes, news has emerged that M-Maritime have ordered a pair of 60K Ultramax bulkers at Mitsui (delivering late 2019 and 1H 2020) and a 37K Handy Bulker at Saiki (also delivering early 2020). In Tankers, clients of Pantheon Tankers are understood to have declared their options at STX for a further pair of MR product tankers. These will be the 5th and 6th vessels in their series and are due to deliver in 4Q 2019. Torm meanwhile are understood to have placed an order for a pair of 75,000dwt LR1s at GSI with the vessels expected to deliver in 1H 2020. In containers, SITC have announced that they have declared their options at Jiangsu New YZJ for 2 x 2,400 TEU Container feeders. These are the 3rd and 4th vessels in the series and will deliver in 1H 2020. Finally in the Gas market, NYK have announced that they have placed an order for 1 x 174,000cbm LNG Carrier at HHI Samho against charter to EDF. This vessel will deliver in 1H 2020”, Clarkson Platou Hellas concluded.

Meanwhile, in the second hand ships’ market, Allied added that “on the dry bulk side, the market seems to have taken a pause this past week, as activity dropped considerably below the average we have been noting during the past 12 months if not more. That’s not to say that this is an accurate reflection of what has been going on, as we are still seeing a fair amount of interest amongst buyers, with many still actively looking to take action now that the freight market is correcting slightly, rather than wait for after the Chinese New Year and face a much more bullish and competitive market. At the same time however, sellers seem to be taking a counter strategy, willing to wait a little longer, feeling that further price gains could be achieved. On the tanker side, not much has changed here, with activity still remaining subdued and less than a handful of units changing hands again this past week. At the same time even these few deals that do emerge, a fair amount seemed to be primarily backed by supporting period contracts, reflecting the overall buying drive being placed”.

VesselsValue added that in the tanker market values have softened across all types, due to a drop in market sentiment, most notably in older tonnage. Chem/Product MR2 Seaways Alcmar (46,200 DWT, Jan 2004, STX Offshore) sold for USD 10.7 mil, VV value USD 10.67 mil. In the dry bulk segment, “values have remained stable across the sector with a very slight firming in older capsize values.

Capesize Aquabeauty (171,000 DWT, Jul 2003, Sasebo) sold to Bright Navigation for USD 15.0 mil, VV value USD 13.6 mil. DD due Jul 2018. Capesize Certoux (169,100 DWT, Jan 2000, Hyundai Samho) sold to Cyprus Sea Lines for USD 11.0 mil, VV value USD 9.89 mil. Panamax Julian (74,000 DWT, Dec 2003, Jiangnan Shanghai Changxing) sold for USD 9.3 mil, VV value USD 9.49 mil. SS due December 2018. Handy Long Hua (34,800 DWT, Feb 2010, Yangzhou Longchuan) sold for USD 8.3 mil, VV value USD 7.98 mil. Open hatch Handy Ikan jebuh (33,100 DWT, Jan 2011, Kanda) sold for USD 12.5 mil, VV value USD 12.55 million”, VV concluded.

Nikos Roussanoglou, Hellenic Shipping News Worldwide

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