Buyers rush to complete deals Additional sales
Inspections waived to push through spate of secondhand bulker sales.
SEVERAL buyers of secondhand bulk carriers have waived inspection of recently-sold ships, according to shipbrokers, reflecting strong demand, heavy compeition and a possible price surge.
?Is there something these buyers know that we don"t?? asked London broker Galbraith"s in its weekly sale and purchase report.
?We have seen this in the past when the markets were surging upwards and any delay in inspection would result in an increase in price ideas. Today however freight rates indicate one should be a little more cautious. As usual, time will tell.?
Among those deals where inspection was reportedly waived was the sale of the 2002-built, 75,846 dwt panamax bulk carrier Orange Tiara , owned by Japanese trading house Itochu to undisclosed ?Far Eastern interests?. Various brokers reported the price in the range of $33.5-$34m. This compared to the recent sale of the 2002-built, 75,746 dwt Marvellous , built at same shipyard, for $33m, reported earlier this month.
There were conflicting reports as to whether the European buyers of the Intership-owned boxed shaped handies UBC Svea and UBC Salvador (both 1999-built, 31,800 dwt) had waived inspection.
Reports from London brokers Clarksons and Galbraith"s said inspection was waived, and an en bloc price of around $40.4m paid for both vessels. Gibson reported that the vessels were on subjects, pending inspection to undisclosed buyers, with a price of $20.5m each.
Buyers of Hanjin Shipping"s 1997-built, 27,339 dwt Hanjin Istanbul also waived inspection, Galbraith"s reported. The sale price was $16m and the buyers undisclosed.
Market confidence and shortage of quality modern tonnage for sale has not only seen prices firm, but also directed buyers to newbuildings under construction at Asian shipyards.
HSBC Shipping Services said activity in South Korea was ?as busy as it has been since the heyday of 2008?.
?With modern secondhand ships expensive, rare and subject to strong competition, it is easier to order what you want at a lower price, albeit with a later delivery,? HSBC"s weekly report said.
?There is a feeling that newbuilding prices have hit bottom and turned upwards and yards are receiving a high level of inquiry, experiencing a luxury of buyers competing with each other for available berths.?
But HSBC cautioned the window for ordering was not as wide as expected, as there were a reduced number of berths at quality yards. Quality counted, HSBC said.
Union Commercial of Greece bought a 31,800 dwt resale handysize bulk carrier from Japan"s Hakodate Shipyard for prices reported between $28.25m and $28.5m, with prompt delivery.
The yard is acknowledged as a quality shipbuilder, with the price similar to recent resales of larger supramax bulk carriers from Qingshan Shipyard of China Changjiang National Shipping. A recent supramax was resold at $31.5m after the previous owners cancelled the order due to late delivery. Another supramax resale from a Japanese yard was higher, at $37m.
Clarksons reported that Bahrain-based NASCO has paid $31m each for two supramaxes from Qingshan Shipyard, both delivering this month. NASCO was unable to confirm the deal.
Other secondhand supramax sales included d"Amico"s 2001-built, 52,523 dwt supramax Medi Dubai, reportedly committed for $25.75m to Vietnam National Shipping Lines, known as Vinalines.
London broker Gibson also reported that the 1985-built, 45,877 dwt Serasih was sold for $9.2m, after it was purchased in mid-2009 for $7m.
ICAP reported the 2007-built, 74,414 dwt panamax F.D. Genaro Aurilia committed at around $36.5m, including a five-year time charter at $20,000 per day.
Clarksons said that the 1997-built, 26,500 dwt Clipper Melody sold for $13.5m to Greek buyers, while Precious Shipping-controlled 1986-built, 25,309 dwt Neera Naree sold for $6.1m.
This article is compiled on the basis of publicly available sources. Reported transactions may not have been confirmed with the buyers or sellers named. Acordingly, Lloyd"s List cannot guarantee the accuracy of this informtion.
? 1993-built, 70,312 dwt Quesa Uno, sold at $20.2m.
? 1981-built, 127,907 dwt capesize North King , DD due October, sold at $7.7m
? 1981-built, 65,077 dwt Anna , SS due April, at $5.6m,
? 1986-built 39,000 dwt Silver Bin at $6.5m.
? 1984-built, 64,379 dwt Ermis , bought for $8m
? 1985-built, 23,240 dwt Thor Tribute , sold to Singaporean buyers for $3.4m