DryShips plan bargain capesize salesBy total
Published: 2011.07.19
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EmailDRYSHIPS is understood to be selling two mid-1990s-built capesize bulk carriers at a combined price of $34.5m that would imply a significant drop down in asset values of 15-year-old vessels of this size.
Sale and purchase brokers reported that the 1995-built, 151,066 dwt Brisbane and 1996-built, 150,393 dwt Samsara have been committed for sale to South Korean buyers at a price of just over $17.2m each, around $3m less than the $20m London-headquartered Clarksons estimates the value of a 15-year-old, 150,000 dwt capesize to be.
The apparent fall in values represented by this sale is not isolated, with brokers reporting sales each week that continually lower average price estimates for bulk carriers in all subsectors. Extremely weak chartering markets are putting great pressure on asset values, and brokers report even financially strong owners selling older and less economical tonnage to maintain young and efficient fleets.
If the sale goes through it would leave DryShips with a fleet of five capesize bulkers, all of which are under 10 years of age.
In contrast to the falling price of older vessels, another publicly listed Greek owner, Top Ships, was understood to have sold an 11-year-old supramax bulker for a price of $20.5m that brokers reported as “firm”.
The 2000-built, 45,526 dwt Amalfi was said in weekly sale and purchase reports to have been sold to another Greek, Panocean, for $20.5m, a deal that included the balance of a time charter that lasts until mid-December at $14,000 per day. This is around the same average level that a supramax can earn in the spot market, according to the Baltic Exchange.
Amalfi is the second bulker in as many months that Top Ships has offloaded, after reportedly selling the 2000-built, 75,933 dwt panamax Astrale in June for an only slightly higher price of $23m, which at the time weakened market sentiment of panamax values.
In May it was also reported as selling a 20-year-old medium-range product tanker, days after announcing plans to raid $115m through a reverse stock split.
The Nasdaq-listed company has been trading under $1 per share for most of this year, which threatens to see it delisted in the near future.
In the past week, hot on the tail of selling the 2004-built, 5,000 teu MSC Emma to Greece’s Paragon Shipping, Mediterannean Shipping Co has sold its 2003-built sistership MSC Linzie for $55m to rival Greeks Costamare, according to London-headquartered Clarkson Research Services in its weekly report .
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Near record high container prices could curb investment, says Drewry By total
Published: 2011.07.14
Print EmailAfter the critical shortages of containers of last year, production has picked up again, but high container prices and a tight ratio of containers to vessel slots will continue to constrain the availability of boxes, according to the Container Census – Annual Survey and
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Dry bulk market keeps falling on weak Capesize sentiment By total
Published: 2011.07.14
Print EmailThe dry bulk market kept on retreating on Wednesday, with the Baltic Dry Index (BDI) falling to 1,383 points, from 1,411 of the previous day. Capesizes have been the main losers, with the Capesize Index moving down to 1,965 points, from 2,022,
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Containers Flood Shipping Routes as Rates Fall By total
Published: 2011.07.08
Print EmailContainer lines are ignoring a drop in freight rates and bringing the highest proportion of the shipping fleet out of mothballs since 2008, when the global slump
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Newbuilding orders pushing forward, demolition activity slowing down By total
Published: 2011.07.08
Print EmailIn its latest report, Clarksons said that “the newbuilding market continues to push forward and we have been seeing further reports of new business being concluded. These reports have, as usual, been largely dominated by the container market, specifically with
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Do you tant to join us ? Best jobs is waitting for you！By total
Published: 2011.06.14
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A snapshot on the economic and shipping environment By totalco.com, from hellenicshippingnews.com
Published: 2011.05.31
Print EmailThe week begun with a drop in the oil prices with the US crude falling below 100/barrel, while the volcanic eruption in Iceland disrupted Northern Europe. On May 19th, the International Energy Agency Governing Board called oil producers to increase their
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U.S. Oil Demand to Lift Tanker Rates in June, Fearnley Says By totalco.com, from hellenicshippingnews.com
Published: 2011.05.31
Print EmailStrengthening U.S. demand for Middle East oil will buoy charter rates for supertankers next month as it causes ships to sail on longer journeys than normal, Fearnley Consultants A/S analyst Sverre Bjorn Svenning said.Freight costs for very large crude
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Tanker market shows mixed signs this week By totalco.com, from hellenicshippingnews.com
Published: 2011.05.31
Print EmailWhile VLCC owners cheered on this week, others saw earnings drop, but all in all it seems that the tanker market is looking in better shape. First of all, VLCC owners finally broke the psychological barrier of of WS50 for voyages from the Middle East
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Ofer faces new controversyBy totalco.com, from tradewinds.no
Published: 2011.05.31
Print EmailThe Ofer shipping empire is at the centre of a political storm close to home with at least one prominent member of the Knesset, Israel's parliament, demanding an official investigation and possible action over trading links with Iran.
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