The current decline in freight rates, particularly in the dry cargo sector, is starting to hit the vessel sales and purchase market.
Prices for second-hand vessels are levelling out and in some cases weakening, said shipbroker Clarkson Hellas in a weekly sales and purchase report.
This week saw the first real signs of weakened buying sentiment as a result of the downturn in the freight market if this downturn continues we would expect to see a more sustained downward pressure on values in the coming weeks, the report said. There is still enquiry in the market, but much of it appears to be coming from buyers who are lining up tonnage with a hope that prices will slip significantly over coming weeks rather than moving in promptly as they have been over the previous months.
In the tanker market, the Japanese-owned 47,110t product carrier Freja Spring, built in 1999, is thought to have been committed to India-based Sanmar Group for $17.25mn. Italian company Scorpio Tankers is thought to have bought a 40,059t new-build resale for delivery in August from South Korea's Shina Shipbuilding for $34mn.
On older dry cargo vessels, the 75,864t Four Earth, built by Japan's Mitsubishi in 1984, is thought to have been sold to Greek interests for $9.4mn with a time charter attached until January 2011 at $14,000 per day. The 71,240t, 1982-built Swift Fortune has been sold to Chinese buyers for $6.75mn. The Seaforce Marianna, also built in 1982, has been sold for $2.1mn to unnamed buyers, said Clarkson Hellas.
A busier week on scrap tonnage saw a number of large vessels committed to buyers in Pakistan and India, said scrap ship buyer and recycler GMS.
The Taiwanese TMT-controlled very large crude carrier Front Sabang sold last week for $415/t to Pakistan, followed by the Thai-owned Aframax tanker Sriracha Energy at an extremely firm $420/t, GMS said. This is the highest we've seen for a standard tanker since the markets tumbled about $100/light ton recently, a sign perhaps that improvement is starting to hold.
India continued with its scrap acquisitions as the buying continued at pace, although sentiment for the week was down around $10/t. Chinese levels stuttered again for the week, having tumbled sharply during the past month and domestic buyers hesitant to commit to vessels. This decline in sales means it has become increasingly difficult to gauge scrap prices in China.
Prices for second-hand vessels are levelling out and in some cases weakening, said shipbroker Clarkson Hellas in a weekly sales and purchase report.
This week saw the first real signs of weakened buying sentiment as a result of the downturn in the freight market if this downturn continues we would expect to see a more sustained downward pressure on values in the coming weeks, the report said. There is still enquiry in the market, but much of it appears to be coming from buyers who are lining up tonnage with a hope that prices will slip significantly over coming weeks rather than moving in promptly as they have been over the previous months.
In the tanker market, the Japanese-owned 47,110t product carrier Freja Spring, built in 1999, is thought to have been committed to India-based Sanmar Group for $17.25mn. Italian company Scorpio Tankers is thought to have bought a 40,059t new-build resale for delivery in August from South Korea's Shina Shipbuilding for $34mn.
On older dry cargo vessels, the 75,864t Four Earth, built by Japan's Mitsubishi in 1984, is thought to have been sold to Greek interests for $9.4mn with a time charter attached until January 2011 at $14,000 per day. The 71,240t, 1982-built Swift Fortune has been sold to Chinese buyers for $6.75mn. The Seaforce Marianna, also built in 1982, has been sold for $2.1mn to unnamed buyers, said Clarkson Hellas.
A busier week on scrap tonnage saw a number of large vessels committed to buyers in Pakistan and India, said scrap ship buyer and recycler GMS.
The Taiwanese TMT-controlled very large crude carrier Front Sabang sold last week for $415/t to Pakistan, followed by the Thai-owned Aframax tanker Sriracha Energy at an extremely firm $420/t, GMS said. This is the highest we've seen for a standard tanker since the markets tumbled about $100/light ton recently, a sign perhaps that improvement is starting to hold.
India continued with its scrap acquisitions as the buying continued at pace, although sentiment for the week was down around $10/t. Chinese levels stuttered again for the week, having tumbled sharply during the past month and domestic buyers hesitant to commit to vessels. This decline in sales means it has become increasingly difficult to gauge scrap prices in China.
