Newbuilding contracting has slowed down over the past couple of weeks, a development attributed by shipbroker to the usual summer lull. In its latest weekly report, shipbroker Allied Shipbroking said that “the typical summer lull has seemingly taken hold of the newbuilding market as of the past week, given the considerable slowdown in fresh orders coming to light. In the dry bulk sector, we witnessed some signs of movement in the Panamax and Supramax size segments, with a couple of firm orders coming from Chinese Owners to Chinese shipyards. Moreover, given the general good sentiment in the sector as a whole, we can expect many interesting orders to still be in the works, especially when given the current freight market regime. A whole lot will assuredly depend on how price levels will react moving forward, especially if any hefty boost in volume is noted the upcoming months. In the tanker sector, we did not see any new orders take shape during the past few days or so. This, on the other hand, has not caught anyone by surprise, given the current market conditions in terms of earnings. Furthermore, with newbuilding price quotes reaching ever higher levels, it seems ambiguous if we will be able to converge onto a more stable path in terms of activity for the remaining part of the year.

Clarkson Platou Hellas also said this week that “in tankers, clients of Enesel are reported to have declared a further optional 115k dwt Aframax at Shanghai Waigaoqiao. Delivery is set to take place within 2024, and this option brings the series to three overall. In the gas carrier market, Hyundai LNG Shipping announced ordering a firm 174k CBM LNG Carrier at Daewoo (DSME), with delivery set for 2Q 2024. Phoenix Tankers (MOL) announced contracting one firm plus one optional dual fuelled 87k CBM VLGC at Namura Shipbuilding, with delivery of the firm vessel expected within 2023. In containers, Fujian Mawei announced taking order for six firm 1,100 TEU boxships from TS Lines, with delivery of the vessels set to take place throughout 2023. In the car carrier market, Mitsui OSK Lines (MOL) announced PCC orders at two separate yards.

MOL ordered two firm LNG dual-fuel 7,000 CEU PCC’s at Shin Kurishima, with the first vessel set to be delivered in 2024 and the second in 2025. They also announced ordering two firm 7,000 CEU PCC’s at Nihon Shipyard, with both vessels being LNG dual-fuel and again to be delivered in 2024 and 2025, respectively. In the cruise sector, Ocean Residences Development announced ordering a 1,000 pax residential yacht at Meyer Werft. The vessel is LNG dual-fuel and battery hybrid fitted, and the delivery is expected in 2025”, the shipbroker concluded.

Meanwhile, in the S&P market, Allied said that “on the dry bulk side, overall activity remained at relatively mediocre levels as of the past week, given the stringer number of deals coming to light. This came hardly as a surprise, given the typical sluggish mode noted during the peak of the summer period. Notwithstanding this, buying appetite remains robust, given the abundant bullish sentiment, with a relatively attuned interest, at the same time, across the different size segments and age groups. All-in-all, the focus is now on how asset price levels will respond in the near term, so as to see what sort of rebound we will see in terms of volumes. On the tanker side, the market continued on an uninspiring track for yet another week, given the limited number of units changing hands. The mediocre “appetite” of late is now fully apparent, with the market seemingly struggling to sustain a more stable path. The prolonged negative sentiment from the side of earnings has derailed the SnP market from any form of consistency at this point”, Allied concluded.

In a separate note, shipbroker Banchero Costa said that “in the dry market, after offers were invited the 26th July Harvest Sky abt 95k blt 2013 Imabari (SS due Nov 2023 BWTS fitted) has been sold to Greek buyers at $23.2 mln. In the past weeks Lowlands Green ab 95k blt 2011 Imbari was reported to Chinese buyers at $21 mln. Another Japanese controlled Kamsmarmax Am Express abt 82k blt 2010 Tsuneishi Cebu (SS due 2025) was sold to Greek Buyers at $21.8 mln.

In the past weeks another Tsuneishi blt Kamsarmax Yarrawonga abt 82k blt 2008 was done at $17 mln. A tier I Dolphin 57 Atlantic Merida abt 57k blt 2012 Taizhou Kouan (SS due 2026 -BWTS fitted) was sold for $16 mln to Greek buyers. Japanese controlled Sakura Kobe abt 33k blt 2011 Shin Kochi (BWTS fitted SS due 2024 open hatch-boxed) was inviting for offer the 2nd of August and it is now committed at $16 mln. In the tanker market vintage Aframax St Helen abt 105k blt 2002 Samho (SS due 2022 coiled) was reported at $12.5 mln”, Banchero Costa concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide