| Code: 116919 |

TIN news:  Shipowners, many of them Greek, have kept adding dry bulk carriers on their fleets, as they are waiting for the market to recover. Until that happens though, shipbroker Advanced Shipping &Trading noted, in its latest weekly report, that despite last year’s optimism, the market didn’t manage to post a substantial rebound until the final quarter of 2016. As such, many analysts were expecting this trend to continue during the first quarter of 2017 as well, but so far, the Baltic Dry Index has witnessed a slow start to the year, which can be explained by the general market slowdown, leading into the upcoming Chinese New Year, which is due for the 28th of January.
Despite this, ship owners are more than happy to invest in the acquisitions of more dry bulk carriers. According to Advanced Shipping & Trading, “in the Capesize sector, clients of Winning Shipping, acquired the 2 x Korean Dong vessel at $45.6 million, while a Greek-based company, seems to be the buyers for the M/V N Buchanan & M/V Odessa at $ 26.0 mill en bloc. Also, will be interesting to see at what levels will achieve M.V N Fos as sellers are inviting offers until 16 January. In the panamax sector 5 vessels changed ownership during this week. M/V Red Jasmine 76.596 Dwt 2006 Blt Imabari Japan was sold at $ 8.0 Mill, while another vintage panamax 2000 Imabari built M/V Jun Jie was reported sold to Chinese buyers at $ 4.8. Also, the M/V Ever Shining 74,346 Dwt / 1999 Blt Namura Japan was sold at $ 4.6. In addition, M/v New Caledonia Maru 58.086 Dwt 2013 Blt Tsuneishi Heavy Cebu Philippines was reported sold at $ 17.75 Mill to Thailand buyers based company, while 5 years older Medi Imabari inspected by 3 Greek parties which all of the them made an offer and finally was sold at $ 10.1 Mill. Closing with M/v Santa Isabella 55.862 Dwt 2006 Blt Kawasaki Japan that was sold at $ 8.3 Mill to Greeks.Here comes the Handysize, with 12 reported sales from the begging of the year. Meanwhile, the arrested vessel M/V Trading Fabrizia 34,590 Dwt 2011 Blt Korea was sold to Greeks buyer at 9.0 Mill. While the 2 Marcolorado & Marcarolina 34.000 Dwt 2010 Blt Tk Korea was reported sold to German buyers at $ 8.0 Mill Each. Moreover, M/V Azure Bay 31.700 Dwt 2005 Blt Saiki Heavy Japan was sold to clients of Team fuel at $ 6.8 Mill. Furthermore the quite smaller M/v Kronos island 28.348 Dwt 2013 Blt Imabari Japan was sold to Greeks at $ 9 Million”, said Advanced Shipping & Trading.
Meanwhile, during the past week, in the demolition market, there were a total of 24 vessels sold for scrap, from which six were dry bulk carriers, 1 was a general cargo ship, three were tanker and 14 were container vessels. Levels for subcontinent closed at region $ 280-290 per Ldt for bulk carries and $310 – 320 per Ldt for Containers, While in Turkey we we noticed rates at levels $ 210 per ldt.”, concluded the shipbroker.
In the Asian tanker market this past week, shipbroker OFE said that “Asian VLCC rates continued their downward slide, with rates for the key AG/Japan route falling by w15 points to w82.5 (basis 2017 Worldscale flat rates). We have started seeing OPEC’s planned production cuts take effect, as the total number of VLCC cargoes for January loading is at least 5 less than December loading. Furthermore, the availability of old vessels weighed on rates as around four vessels that were older than 15 years were fixed at discounted rates over the week. Fixtures heard include ExxonMobil placing Meandros on subjects for an AG/ Singapore run, loading January 28-30, at w57.5 basis 270 kt and 2016 worldscale level. While shipowners may seek some relief in the temporary clearing out of newbuilds and older units as well as a higher February Basrah loading program, the delivery of more than 20 newbuilds over Q1 will keep a lid on VLCC rates. VLCC rates for the WAF/Far East route were down w-o-w by w10 points (basis 2017 Worldscale flat rates) to w85 on the back of a weakened AG market. However, the West African VLCC market may start to pick up from higher cargo volumes in February due to robust Chinese demand for medium and heavy Angolan grades”, OFE concluded.

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