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SUMMARY OF CONTENT
• Value analysis
• Total second hand S&P activity
• Newbuilding activity
• Demolition activity
• Charter rate analysis
BULKERS All older Supramax and Handy tonnage have firmed over the
course of the month.
This table shows the monthly % change in value from 1 st to the 31 st May 2018
for Bulker vessels, by year of build.
YEAR
OF BUILD CAPE PMAX SUPRA HANDY
D WT DWT DWT DWT
New Mighty (179,900 DWT, May 2011, Hanjin Subic) sold for USD 27.5 mil,
VV value USD 28.93 mil.
Star Bulk bought a total of 18 vessels from Songa Bulk this week for an undisclosed price
in a part shares/part cash deal. Consisting of 6 capesize, 10 Panamaxes, 1 Ultramax
and 1 Supramax.
Boreal (74,200 DWT, Mar 2002, Namura) sold for USD 10 mil, VV value USD 9.71 mil.
Golden Eminence (79,400 DWT, Jul 2010, Jinhai Intelligent Manufacturing) sold to
SNP Shipping Services for USD 14.7 mil, VV value USD 13.8 mil.
Supramax Values have softened slightly across all ages this month.
Sea confidence (53,500 DWT, Jun 2005, Oshima) sold for USD 10 mil, VV value USD 11 mil.
Magnum force (53,600 DWT, Nov 2008, Dayang) sold for USD 9.9 mil SS/DD due, VV value
USD 11 mil.
Zola (55,800 DWT, Jun 2012, IHI) sold to Nomikos AM for USD 17.4 mil, VV value 17.72 mil.
Clipper Lasco (28,400 DWT, Feb 2004, Imabari) sold for 6.75 mil, VV 6.93 mil.
Silvretta and Silvaplana (29,700 DWT, 2003, Shikoku Dockyard) sold en bloc for
USD 7 mil each, VV value USD 7.12/ 6.81 mil respectively.
Cielo di Tokoyo (37,300, Jul 2008, Saiki) sold to Samin Shipping for USD 12 mil, DD due,
VV value USD 12.77 mil.
TANKERS Values have remained stable in all larger tonnage whereas LR1 and
MR values have softened.
This table shows the monthly % change in value from 1 st to the 31 st May 2018
for Tanker vessels, by year of build.
YEAR
OF BUILD VLCC SUEZ AFRA LR1 MR
D WT DWT DWT DWT DWT
Takamine (306,200 DWT, Jun 2004, Mitsubishi Heavy Ind) sold to Hellenic Tankers for
USD 22.7 mil, VV value USD 23.43 mil.
Rokkosan (300,300 DWT, Oct 2003, Universal) sold for an undisclosed price,
VV value USD 21.34 mil.
United Leadership (159,100 DWT, Feb 2005, Hyundai Heavy Ind) sold to Eurotankers for
USD 18.2 mil, VV value USD 18.28 mil.
Seaways Josefa Camejo (112,200 DWT, Feb 2001, Hyundai Heavy Ind) sold for to Oasis
Energy Co. for USD 9.5 mil. VV value USD 7.81 mil.
United Grace (112,800 DWT, June 2010, New Times Shipbuilding) sold to Stealth Maritime
for USD 22 mil, VV value USD 22.71 mil.
STI Rambla (110,000 DWT, Mar 2017, Sungdong) and STI Rose (115,300 DWT, built Jan 2015,
Daehan) sold to Avic Leasing for an undisclosed price, VV value USD 43.55 / 38.47 mil.
Aegea and Amorea (115,800 DWT, Mar / Jul 2009, Samsung) sold to Latsco Shipping for
USD 23.7 mil each, VV value USD 23.19 / 24.03 mil.
United Banner (73,600 DWT, Sept 2007, New Century) sold to Sea World Management in a
bank driven sale for USD 10.25 mil, VV value was USD 13.8 mil.
United Ambassador / Carrier (73,600 DWT, Jun / Sept 2007, New Century) sold
at auction to Hellenic Tanker for USD 10.3 mil each, VV value USD 13.41 / 13.79 mil.
Scorpio Tankers have sold a total of 8 MR2s. 5 x 2014 Korean built MR2s to China
Huarong Finance, for an undisclosed price including a bareboat back to Scorpio and a
further 3 x Korean built 2013/15 MR2s to Avic Leasing, again including a bareboat back.
The British Courtesy / Serenity / Tranquillity (47,200 DWT, 2005, Hyundai Mipo)
sold DD due for USD 10.7 mil each, VV value 12.32 / 12.33 / 12.91 mil.
This table shows the monthly % change in value from 1 st to the 31 st May 2018
for Container vessels, by year of build.
YEAR
OF BUILD POST PMAX PMAX HANDY FMAX
TE U TEU TEU TEU
Post PMax Values have firmed for modern tonnage this month.
YM Unity/ YM Utmost (8,204 TEU, Aug / Oct 2006, Hyundai Heavy Ind) sold internally for
USD 33.5 mil each, with a time charter attached for 3 / 5 months, respectively at
USD 34,266 p.d.
Hamburg (6,494 TEU, Mar 2009, Koyo Dock) sold for USD 21 mil, VV value
USD 20.6 mil.
Puelo (6,541 TEU, Nov 2006, Hyundai Heavy Ind) sold for USD 20.5 mil, VV value
USD 16.78 mil.
Panamax Values have firmed slightly for modern tonnage this month.
Nordwoge (2,572 TEU, Feb 2006, STX Offshore) and Welle (2,572 TEU, built Nov 2005)
sold for USD 11 mil each, VV value USD 11.17 and 10.87 mil, respectively.
Victoria Schulte (2,478 TEU, Jul 2005, Aker Ostsee) sold for USD 11.8 mil, VV value
USD 10.72 mil.
ER Sydney (1,102 TEU, Aug 2005, Vard Tulcea) and ER Hobart (1,118 TEU,
built Sept 2005 Jingling Shipyard Jiangsu) sold en bloc for USD 5.2 mil, VV value
USD 4.86 and 5.4 mil, respectively.
Ice Moon / Ice Crystal (698 TEU, Mar/ Apr 2008, Sainty Marine Corporation)
sold for an undisclosed price, VV value USD 3.67 / 3.72 mil.
This table shows the monthly % change in value from 1 st to the 31 st May 2018
for LPG vessels, by year of build.
YEAR SP FR SP FR FULL
OF BUILD VLGC LGC MGC LARGE SMALL PRESS LEG
CBM CBM C BM C BM C BM C BM C BM
SPFR Large vessels have firmed in older tonnage and small vessel values have firmed
slightly this month.
Pressurised
1 sale has been confirmed this month.
Gas Legacy (3,514 CBM, Dec 1998, Shitanoe Zosen) sold for an undisclosed
price by StealthGas Inc.
OSV Values have softened for PSV’s and firmed for AHTS/AHT’s.
This table shows the monthly % change in value from 1 st to the 31 st May 2018
for OSV vessels, by year of build.
PSV Values have softened slightly, while older PSVs have firmed this month.
Hornbeck Offshore purchased Dwight S Ramsey (5,600 DWT, Aug 2010, Eastern
Shipbuilding), Betty Pfankuch (5,600 DWT, Apr 2011, Eastern Shipbuilding), Ram Nation
(3,800 DWT, Dec 2014, Leevac) and Ram Country (3,800 DWT, Apr 2015, Leevac) en bloc
for USD 36 mil from Aries Marine.
Seatankers bought Hull 6282, Hull 6283, Hull 6285 (5,200 DWT, May 2018, Fujian Mawei
Shipbuilding) and Armada Tuah 520 (5,200 DWT, Oct 2018, Fujian Mawei Shipbuilding)
from the yard. VV en bloc value USD 99.5 mil.
Solstad Farstad offloaded Far Supporter (4,700 DWT, Mar 1996, Bergen Fosen)
to Hair Duong Co. VV value USD 1 mil.
Solstad Farstad sold Far Sailor (16,809 BHP, Jul 1997, Vard Langsten) and Far Senior
(16,823 BHP, Jun 1998, Vard Langsten) to undisclosed buyers.
Undisclosed buyers picked up Kigoriak (16,800 BHP, Sep 1979, Saint John Shipbuilding)
for conversion into a yacht from FEMCO.
May 2018
2,500
May 2017
$2,019
2,000
Value (M USD)
1,500
$1,121
1,000
$605
$427
500 $315
$242
$153
$0 $37 $23
0
Bulker Tanker Container Gas OSV
Total value for sales are down c.73% in May 2018 compared to May 2017.
Bulkers and OSVs sales are higher by transaction level in May 2018, compared to May 2017.
Tanker, Container and Gas sales are all lower by transaction value this May. Although, some
Gas sales happened, they were sold at undisclosed prices.
S&P No. Number of 2nd hand sales taken place in May 2018 vs May 2017.
May 2018
90 83
May 2017
80
70
60
No. Vessels
50 45 43
40 33 35
30
20 17
11 12
10 5
2
0
Bulker Tanker Container Gas OSV
Total sales by number count are the same for May 2018 compared to May 2017.
Bulker sales by number count are up by c.152% with the majority of tonnage sold
being Panamaxes and Handies.
Tanker sales by number are down by c. 22% for May 2018 compared to May 2017.
Newbuilding Number of newbuilding orders taken place in May 2018 vs May 2017.
No.
May 2018
80
May 2017
70 67
60
No. Newbuildings
50
40
31
30 25
20
10 6 4 4 5
2 3
0
0
Bulker Tanker Container Gas OSV
Demolition Number of demolition sales per ship type, taken place in May 2018 vs May 2017.
No.
May 2018
30
May 2017
25 24 24
No. Demo sales
20
15
12
10
10
7
6
5
5 3
2
1
0
Bulker Tanker Container LPG OSV
Total demolition sales by count has increased for May 2018 compared to May 2017.
The most notable increase is in the Tanker sector where there has a large increase in
the number of vessels scrapped this May. Including 7 VLCCs.
The most noticeable decrease in candidates is within the Bulker sector where there
has only been 5 sales including 2 Capesizes.
Demolition Demolition price trend for Tanker Price India from May 2017 – May 2018.
Trend
Tanker scrap price
500
450
400
USD/LDT
350
300
250
Jul 2017 Oct 2017 Jan 2018 Apr 2018
Sentiment has remained stable through May, following the dip in April this year.
With Pakistan reopening for Tankers in late April, there have been further deliveries
throughout May. Pakistan is still remaining strict on gas free for hot work certificates
to be confirmed prior to beachings.
Dry Baltic Exchange daily market spot rates for Capesize, Panamax, Supramax and Handy
Bulkers from 1st May 2017 – 31st May 2018. Source: Baltic Exchange
Capesize
Panamax
35,000
Supramax
30,000 Handy
25,000
(USD per day)
20,000
15,000
10,000
5,000
0
Jul 2017 Oct 2017 Jan 2018 Apr 2018
Capesize rates have softened significantly from USD 20,646/day to USD 11,723/day
towards the end of the month.
Panamax rates remained softened slightly throughout May to roughly USD 9,348/day.
Supramax and Handysize rates also remained stable throughout May.
Wet Baltic Exchange daily market spot rates for VLCC, Suezmax and Aframax Tankers from
1st May 2017 – 31st May 2018. Source: Baltic Exchange
VLCC
Suezmax
25,000 Aframax
20,000
(USD per day)
15,000
10,000
5,000
-5,000
Jul 2017 Oct 2017 Jan 2018 Apr 2018
VLCC rates have remained at very low levels throughout May, although rates have
firmed from USD -6,314/day to USD -1,821/day.
Suezmax rates firmed during May from USD 7,674/day to USD 12,117/day.
Aframax rates firmed from USD 1,623/day, peaking at USD 10,591/day in mid-May,
before ending the month at USD 6,826/day.
Container Contex daily time charter rates for Panamax, Handysize and Feedermax Containers from
1st May 2017 – 31st May 2018. Source: Contex, VHSS
Panamax
Handy
14,000 Feedermax
12,000
10,000
(USD per day)
8,000
6,000
4,000
2,000
0
Jul 2017 Oct 2017 Jan 2018 Apr 2018
Rates firmed for Panamaxes and Handy containers with the most significant firming
taking place in May. Feedermax rates have stabilised throughout May.
LPG Fearnleys weekly market spot rates for VLGC, MGC and LEG Gas ships from
1st May 2017 – 31st May 2018. Source: Fearnley's
VLGC
MGC
700 LEG
(Thousand USD per month)
600
500
400
300
200
100
0
Jul 2017 Oct 2017 Jan 2018 Apr 2018
VLGC rates have firmed dramatically throughout May, from USD 225,000/day
to USD 480,000/day.
Rates remained stable for the MGC and LEG gas vessels throughout May 2018.