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Dry bulk interest stays strong

Dry bulk interest stays strong
Interest in secondhand dry bulk tonnage remains strong as the spot market continues to strengthen.

Dry bulk interest stays strong as BDI hits 2010 high

Interest in secondhand dry bulk tonnage remains strong as the spot market continues to strengthen.

Although the list of tonnage sold last week was not significant, buyers and sellers alike have been buoyed by the rising Baltic Dry Index, which climbed yesterday to 3,707 points, its highest level this year.

?While we have considerably fewer sales to report compared to recent weeks, this belies the general state of the market: enquiry remains strong,? said HSBC Shipping Services in its weekly report.

?With 10-year-old secondhand values overtaking newbuilding contract prices, understandably buyers are spending a lot of time at the yards. But early berths at palatable prices at presentable shipyards are limited and we wait to see how far buyers have to chase the market to secure new contracts.?

Despite the 1995-built, 46,635 dwt Griffon sale at $22.5m reportedly failing, sellers seem undeterred by the 20% price rise it represented. ?Buyers clearly still feel confident that values are rising quickly,? said HSBC. This was shown when Seafarers Shipping sold the 1999-built, 45,630 dwt Western Seattle for $24.5m to an unknown buyer.

In the larger panamax sector, the 2009-built, 75,500 dwt Gemini S is reported sold to Greek buyers for $43m, which helped push up the Baltic Exchange"s sale-and-purchase assessment for a five-year-old 72,000 dwt bulk carrier to $39m, up $6.6m since the start of the year.

By comparison, the 1995-built, 70,293 dwt Paiute was reported sold for $23.5m, including a bareboat charter back at $12,500 per day until July-September 2011.

?Panamaxes continue their popularity. Some 20 buyers are waiting for a 2000-built panamax sales candidate to arrive in China [this] week,? said HSBC.

The 1987-built, 852 dwt capesize Docecape was also reported sold to Chinese buyers for $10.4m. The ship"s drydocking is due this month and the vessel was built in Brazil, two factors that in part explained the low price.

By comparison, Clarksons valued a 20-year-old capesize at $18m.

Newbuilding resales also still continue to enter the market, with Norway"s Spar Shipping reportedly buying two 58,000 dwt supramaxes under construction at Dayang Shipyard for $32.5m each, according to Galbraith"s.

Western Bulk is also understood to be purchasing a resale 32,500 dwt handysize ordered at Jiangsu yard in partnership with a private equity group for a price of $25m, with delivery understood to be in August 2010.

Other vessels reportedly changing hands include the 2009-built, 28,050 dwt Tri Arrows for $29.5m, the 2007-built, 31,840 dwt Palawan for $27m and the 1983-built, 26,384 dwt Nosco Peace for $4.4m.

www.turkishmaritime.com.tr

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