Hellenic shipping companies have kept their leading position in the sale & purchase market for second-hand vessels after the first couple of months.
Hellenic shipping companies have kept their leading position in the sale & purchase market for second-hand vessels after the first couple of months. Two separate ship brokers' report have verified this trend, which proves the resilience of Greek ship owners, despite the adverse conditions currently witnessed in the shipping industry. Indeed what's even more impressive is their faith in the dry bulk sector's turnaround, which can be testified by their preference of dry bulk carriers. Of course another reason for that is the impressive fall of asset prices.
According to figures released by broker N.Cotzias, Hellenic ship owners acquired 13 second hand vessels during February, bringing the total number from the beginning of the year at 25 ships, with a total capacity of 1.32 million dwt, worth $416 million. Chinese owners came in second place. It's worth noting that the 77 ships acquired worldwide during February were worth $779 million, while for the same number of ships during the same month of 2008 were worth $1.33 billion. A similar trend can be spotted at Allied Shipbroking's report. According to Allied,during the first two months of the year, the value of the vessels acquired stood at $2.4 billion, while at the same period of 2008, the value of second hand vessels acquired was more than double, i.e. $5 billion. Meanwhile, as Chinese seem to prefer older dry bulk tonnage, American and Norwegian buyers opted for tankers.
Allied indicated that Hellenic interests bought 22 ships worth $412.7 million. Out of them 16 were dry bulk carriers, four were tanker and two were containerships. Chinese bought 19 vessels, 18 of which were bulkers (plus one tanker), but the total value was a mere $119.7 million, since most of the tonnage were 25+ years old and smaller in capacity. US buyers bought five tankers and one dry bulk carrier worth $221.9 million (coming second in place after Hellenic interests), while in third place (based on value) came the Norwegians with $220 million for six tankers. Worldwide, during the first two months of 2009 a total of 156 ships changed owners, with bulkers leading the pack with 101, followed by tankers at 44 and containerships at 11.