Monday, February 16, 2009
Monday, 16 February 2009
Despite the slight setback of the Baltic Dry Index, an industry benchmark for tracking the cost of hauling commodities onboard dry bulk carriers, during the last two sessions of the week, optimism was more than obvious in the market. The increase of rates offered by charterers (indeed one capesize bulker was reportedly fixed during the week at a rate of $59,000) boosted ship owners’ confidence after several months of despair. As a result, according to Weberseas’ latest weekly report, buyers of secondhand vessels moved aggressively to acquire tonnage, ahead of a potential further rate hike and subsequent vessel value follow-up. But, it seems that buyers’ mood is as volatile as the market, since the slight correction towards the end of the week, weakened the whole sentiment once again.
Webeseas reported the deal of a Japanese 82,000 dwt Kamsarmax type resale with delivery ex yard March 2009, which was said to have changed hands for a price between US$ 35-36 million. “This price represents a decrease in the values of about 12.5%, if we compare it with the previous sale of similar tonnage M/V NORD HERCULES 82,000 dwt / blt 07 in Tsuneishi, Japan which was reported sold in early Jan 2009 for US$ 36.25 million” said Weberseas. On the Panamaxes, several parties were competing for M/V GLORIOUS WIND 72,119 dwt / blt 97 Hitachi and the vessel finally is said to have gone to Greeks for a price in the region of US$ 19 million. On the Supramax sector, Swiss Buyers appear to be the ones who committed M/V MUTSUSHIO 50,363 dwt / blt 2002 Kawasaki for US$ 21.75 million (the deal we understand is with t/c attached until end Jan/2010 at US$ 9,000 p/d and subject inspection). Turkish buyers are behind the sale of the smaller M/V MYSTRAS 48,377 dwt / blt 2001 Sanoyas sold for US$ 21 million.
One more thing of interest was the fact of a continued interest for low capital deals involving bulkers built in the early/mid 80's. Meanwhile, demolition activity seems to be keeping its momentum with a good number of demolition deals, involving all types of ships. Prices seem to be holding at decent levels, but as Weberseas indicated, definitely softer than 2-3 weeks ago, especially in India. According to the broker, Bangladesh is maintaining good activity with good prices especially for tankers where levels are well above US$ 300 per ldt but also for bulkers at the US$ 270 per ldt mark.