Ship Asset Values Down

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Friday, 16 January 2009

Ship asset values continued their six-month fall into the New Year as both bulker and tanker values reached new lows. According to Fairplay, a five-year-old VLCC barely kept above the $100 mn mark this week. Back in August, such a ship peaked at close to $163 mn. The price plummeted by $4 mn in the last seven days alone, Baltic Exchange sources said. Aframaxes are down from $77M to $55 mn, while MR tankers noted a more modest drop from $53M to less than $40 mn.
The real carnage is found within the drybulk sector where five-year-old Capesize values have collapsed from $154 mn in July to just $44M this week. Panamaxes have plummeted below $30 mn from a high of $90 mn, while Supramax values are down to $24 mn from $73 mn last year.
Source: Seanews