Weekly Market Report, Week # 23
With capesizes once again on the decline (BCI down over 10 pct for the week) the BDI lost nearly 5 pct to close just over 1,400 points. The gain of the BPI which climbed 7,5 pct was not enough to offset the losses of the capesize segment as well as the handy (BHSI) and supramax (BSI) sectors, both of which fell around 2 pct and 6 pct respectively.
The panamax market found support from coal cargoes from Australia and Indonesia loading for China although the gains were not as extensive as the owners would have wanted because of the slower grain activity coming out of South America. Given the fact that the dry market depends so much on the Chinese imports, all eyes are on the Chinese economy and whether it is showing signs that it is slowing down.
Although not many sales are reported, activity remains relatively high. There is a constant flow of enquiries in the dru bulk sector, most of which coming out of the Far East and S.E. Asia and mainly for the handymax/panamax sector. On the smaller handysize vessels, Greek buyers seem to be more active and we are reporting two deals for mid/late 90's tonnage which have been sold to Greeks.
The M/V New Nikki (26,428 dwt / built 1995 Japan) has been sold for US$ 13.80 million to Greeks, as well as M/V Ansac Asia (33,945 dwt / built 1998 Japan) also sold to Greeks for region US$ 17.00 million.
In the tanker sector the modern LR-2 aframax M/T Laura (113,041 dwt / built 2009 New Times China) only managed to achieve US$ 41,50 million. As a comparison, in October last year Scorpio has purchased the sistership Atlantic Spirit (113,091 mts / built 2008 New Times China) for US$ 52,50 million. In contrast, the Greek Owners of the M/T Seapride I (109,030 / built 1999 Dalian China) managed to achieve a firm price by selling the vessel to Italians for US$ 25,00 million.
Newbuilding activity is very thin with few new orders to report. In contrast, the demolition market continues to take out elderly bulkers from the market and this week we are reporting another 4 capesizes sold for scrap. We notice that this week only India and Bangladesh have been active in the demolition market with Bangladesh paying slightly higher price level. India pays US$ 500.00n - US$ 520.00 plt ldt, whereas Bangladesh pays US$ 510.00 - US$ 530.00 plt ldt in average.
For the report we thankfull to Messrs. WeberSeas (Hellas) S.A. / www.weberseas.com
The panamax market found support from coal cargoes from Australia and Indonesia loading for China although the gains were not as extensive as the owners would have wanted because of the slower grain activity coming out of South America. Given the fact that the dry market depends so much on the Chinese imports, all eyes are on the Chinese economy and whether it is showing signs that it is slowing down.
Although not many sales are reported, activity remains relatively high. There is a constant flow of enquiries in the dru bulk sector, most of which coming out of the Far East and S.E. Asia and mainly for the handymax/panamax sector. On the smaller handysize vessels, Greek buyers seem to be more active and we are reporting two deals for mid/late 90's tonnage which have been sold to Greeks.
The M/V New Nikki (26,428 dwt / built 1995 Japan) has been sold for US$ 13.80 million to Greeks, as well as M/V Ansac Asia (33,945 dwt / built 1998 Japan) also sold to Greeks for region US$ 17.00 million.
In the tanker sector the modern LR-2 aframax M/T Laura (113,041 dwt / built 2009 New Times China) only managed to achieve US$ 41,50 million. As a comparison, in October last year Scorpio has purchased the sistership Atlantic Spirit (113,091 mts / built 2008 New Times China) for US$ 52,50 million. In contrast, the Greek Owners of the M/T Seapride I (109,030 / built 1999 Dalian China) managed to achieve a firm price by selling the vessel to Italians for US$ 25,00 million.
Newbuilding activity is very thin with few new orders to report. In contrast, the demolition market continues to take out elderly bulkers from the market and this week we are reporting another 4 capesizes sold for scrap. We notice that this week only India and Bangladesh have been active in the demolition market with Bangladesh paying slightly higher price level. India pays US$ 500.00n - US$ 520.00 plt ldt, whereas Bangladesh pays US$ 510.00 - US$ 530.00 plt ldt in average.
For the report we thankfull to Messrs. WeberSeas (Hellas) S.A. / www.weberseas.com