MONTHLY MARKET OVERVIEW

Transcription

1 MONTHLY MARKET OVERVIEW 1st 3th June 217 SUMMARY OF CONTENT Value analysis Second hand S&P activity Newbuilding activity Demolition activity Charter rate analysis

2 BULKER VALUES THROUGH JUNE 217 BULKERS Bulker values have softened this month. Most significantly for Capesize and Supramax vessels. This table shows the monthly % change in value from 1 st to the 3 th June 217 for Bulker vessels, by year of build. YEAR OF BUILD CAPE PMAX SUPRA HANDY D WT DWT DWT DWT -4.9% -.4% -2.6% +.2% 8k -5.5% -.9% -3.6% +.% 8k -6.% -1.4% -4.4% -.3% 8k -6.6% -5.% -.5% 8k -7.3% -2.% -5.5% -.7% 8k -7.9% -2.1% -5.8% -1.% 8k -8.4% -2.% -6.% -1.3% 8k -8.5% -2.% -9.7% 8k 55k -8.6% -1.8% -9.6% -1.9% 8k 55k -8.7% -9.4% -2.1% 8k 55k -8.5% -1.2% -8.9% -2.6% 55k -8.5% -.8% -8.4% -2.8% 55k -8.6% -.4% -7.6% -2.9% 55k -8.% +.% -6.8% -3.2% 55k -7.8% +.6% -1.2% -3.6% 1-7.5% +1.2% -9.3% -3.9% 1

3 BULKER VALUES THROUGH JUNE 217 Capesize Values have softened throughout June most significantly in 1 year old tonnage. 3 sales have been concluded this month. TRF Charleston (29, DWT, Jan 217, China Shipping Ind) sold for USD 46.2 mil to Polaris Shipping, VV value USD mil. Pacific Canopus (18,3 DWT, Jan 212, Dalian Shipbuilding) sold with a 7 year leaseback for USD 26. mil, VV value USD mil. Golden Opus (18,7 DWT, Apr 21, STX Offshore) sold for USD mil, VV Value mil. Panamax Values have softened a small amount. 4 Panamax and 2 Post Panamax sales have taken place this month. Ocean Phoenix I (82,5 DWT, Nov 27, Tadotsu Tsuneishi) sold for USD 13.5 mil, VV value USD mil. Older tonnage has firmed a small amount due to the sale of built vessels one of which as the Qatar Pearl (75,6 DWT, Sep 1999, Sanoyas) which sold for USD 6.35 mil, VV value USD 5.99 mil. Supramax Values have softened this month. 11 sales have taken place. Ocean Symphony (58,1 DWT, Sep 212, Tsuneishi Cebu) sold SS Due to JP Morgan Global for USD 15.2 mil, VV value USD mil. BW Indigo (56,1 DWT, Apr 211, Mitsui Ichihara) sold by BW Dry Cargo for USD 15.1 mil, VV mil. Eagle Bulk shipping sold the Wren (53,3 DWT, Jun 28, Dayang Shipbuilding) for USD 8. mil, VV value USD 9.95 mil. Handy Values have softened a small amount. 8 sales have taken place this month. Voge Mia and Voge Emma (36,8 DWT, May & Apr 211, Hyundai Mipo) sold en bloc on subjects for USD 21.9 mil, VV value mil. Pioneer Skipper and Pioneer Spirit (33,3 DWT, Oct 21 & Sep 29, Orient) sold in a bank sale to Samios Shipping for USD 17. mil en bloc, VV value USD mil. In older tonnage Midway (28,7 DWT, Dec 23, Shin Kochi) sold for USD 5.5 mil, VV value USD 4.88 mil.

4 TANKER VALUES THROUGH JUNE 217 TANKERS Tanker values have softened somewhat, apart from Aframax values which have firmed a small amount. This table shows the monthly % change in value from 1 st to the 3 th June 217 for Tanker vessels, by year of build. YEAR OF BUILD VLCC SUEZ AFRA LR1 MR D WT DWT DWT DWT DWT -.4% +.1% +1.4% -.4% -1.% % +.% +1.3% -.5% -1.% % -.% +1.3% -.5% % +1.2% -.6% % -.2% +1.1% -.6% % -.2% +1.1% -.7% 31k 1 -.4% -.4% +1.% -.8% 31k 1 -.5% -.4% +1.% -.8% 31k 1 -.6% -.5% +.9% -.9% 31k 1 -.7% -.6% +.9% -.9% 31k 1 -.8% -.6% +.9% -.9% 31k 1 -.9% -.7% +.8% -.9% 31k 1 7k 45k -1.% -.8% +.5% -1.% 31k 1 7k 45k -.9% -.8% +.7% -.9% 35k 155k 15k 7k 45k -1.% -.8% +.7% -.9% 35k 155k 15k 7k 45k -.8% +.6% -.7% 35k 155k 15k 7k 45k

5 TANKER VALUES THROUGH JUNE 217 VLCC Values have softened across all ages. 1 sale has been concluded this month. DS Commander (311,2 DWT, Jul 1999, HHI) sold for Usd 16.5 mil, VV value USD mil. Suezmax Values have remained stable this month. 5 sales have taken place this month. International Seaways have bought 2 resale vessels Hull 852 and 853 (16, DWT, Jul 217, Hyundai Samho HI) for USD 56. mil each, VV value USD mil each. Eurotankers bought the Hrvatska (166,4 DWT, May 25, Brodosplit) for USD 2.7 mil, VV value USD 2.67 mil. Aframax Values have firmed a small amount. 2 LR2 vessels have sold this month. Ruby Express (16,5 DWT, Sep 24, Tadotsu Tsuneishi) sold by MOL for USD 12.3 mil, VV value USD mil. Neda Maritime sold the Silvaplana (19,3 DWT, Jan 23, Daewoo) for USD 13. mil, VV value USD mil. LR1 Values have softened in older tonnage. Hellespont Ship Management have sold 3 vessels Hellespont Pride, Promise and Protector (73,7 DWT, Sep 26, Jan & Dec 27, New Century) en bloc for USD 42. mil, VV value USD mil. MR Values have softened a small amount. 9 sales have taken place this month. Norden have bought the Nord Integrity (48, DWT, Jul 21, Iwagi Zosen) for USD 17.5 mil, VV value USD mil. The Oriental Ruby and Oriental Emerald (5,4 DWT, Aug & May 25m SLS) sold en bloc to Avin International for USD 21. mil. VV value USD mil, softening values slightly. In older tonnage Maersk Tankers have sold Maersk Rapier (35, DWT, Jan 2, CSSC OME) for USD 6.5 mil, VV value USD 6.13 mil.

6 CONTAINER VALUES THROUGH JUNE 217 CONTAINERS Container values have firmed most significantly for Post Panamax and Panamax vessels. Handy and Feedermax values have remained stable. This table shows the monthly % change in value from 1 st to the 3 th June 217 for Container vessels, by year of build. YEAR OF BUILD POST PMAX PMAX HANDY FMAX TE U TEU TEU TEU +2.1% +3.% +.4% +.4% +2.1% +3.% +.3% +.4% +2.6% +3.5% +.2% +.3% +3.6% +4.5% +.1% +.2% +5.1% +6.% +.% +.1% +7.1% +8.% +.% +9.6% +1.7% +1.% +13.5% -.2% -.3% +12.1% +1.8% -.2% -.4% +13.3% +7.3% -.3% -.4% +14.1% -.3% -.6% +14.7% -.2% +1.% -2.5% +12.8% -.2% +1.6% -2.5% +7.2% -.2% +2.2% -2.5% -.2% +2.9% -2.6% % +3.3% -2.8%

7 CONTAINER VALUES THROUGH JUNE 217 Post PMax Values have firmed most significantly for 1 year old tonnage. There have been 4 sales this month. There has been a considerable interest in Post Panamax vessels over the past few months, noticeably for larger tonnage which has firmed values significantly. Panamax Values have firmed throughout the month particularly for modern tonnage. 3 sales have taken place this month. SM Line bought the SCT Oman and Qatar (4,86 TEU. Feb & Apr 21, Daewoo - Mangalia) for USD 9.6 mil each, VV value USD 9.37 mil and 9.62 mil respectively. Handy Values have firmed for older tonnage. 5 sales have taken place this month. Arosia (2,711 TEU, Mar 26, Stocznia Gdansk) sold for USD 1.2 mil, VV value USD 9.25 mil. Rio Thompson (2,55 TEU, Jun 24, HHI) sold for USD 8.7 mil, VV value USD 8.36 mil. Feedermax Values have remained stable. 2 sales have been confirmed this month. JRS Canis (698 TEU, May 26, Mawei) sold for USD 3.2 mil.

8 LPG VALUES THROUGH JUNE 217 LPG LPG values have softened across all large tonnage and remained stable for smaller tonnage. This table shows the monthly % change in value from 1 st to the 3 th June 217 for LPG vessels, by year of build. YEAR OF BUILD VLGC LGC MGC SP FR LARGE SP FR SMALL FULL PRESS LEG CBM CBM C BM C BM C BM C BM C BM -1.3% -1.4% 84k 3 12k -1.9% -1.4% -.% 84k 3 12k -2.% -.% -1.4% 84k 3 12k -2.2% -.% 84k 3 12k -2.3% -1.9% 82k 12k -2.5% -2.% 82k 9k -2.6% -2.1% 82k 9k -2.7% -2.3% 82k 9k -2.8% -2.4% +.% -1.8% 82k 9k -2.9% -2.5% -1.4% +.1% 82k 9k -3.% -2.5% -1.3% +.2% 82k -3.% -2.6% -1.2% +.2% +.6% +.1% 82k -3.% -2.6% -1.8% +.3% +.6% +.3% 7-3.% -2.6% -1.% +.6% +.9% +.4% 7-3.% -2.6% -.8% +.7% +.9% +.6% 7-2.9% -2.5% -6.8% -.6% +.9% +1.2% +.8% 7 57k

9 LPG VALUES THROUGH JUNE 217 VLGC Values have softened. Rates have softened dramatically over the past month, causing a softening in values. SPFR Fully Pressurised Semi Pressurised Fully Refrigerated large vessel values have softened over June 217 whereas small SPFR values have remained stable. Values have softened in modern tonnage and firmed for older. FGAS Petrol Co has bought the Gas Emperor and Gas Icon (5 & 511 CBM, Dev & Nov 1994, Kitanihon Zosen) in an en bloc deal for USD 5.4 mil, VV value 5.39 mil.

10 OFFSHORE VALUES THROUGH JUNE 217 OSV Values have continued to soften in both the AHTS/AHT and PSV sector this month. This table shows the monthly % change in value from 1 st to the 3 th June 217 for OSV vessels, by year of build. YEAR OF BUILD LARGE PSV MEDIUM PSV SMALL PSV SUPER AHTS MEDIUM AHTS SMALL AHTS D WT D WT DWT BHP BHP BHP -3.7% -4.5% -5.2% -3.4% -4.2% -4.1% 3.6k 1.7k 8.2k 5.5k -3.8% -4.4% -5.2% -3.4% -4.3% -4.3% 3.6k 1.7k -3.8% -4.5% -5.4% -3.4% -4.7% -4.7% 3.6k 1.7k -3.8% -4.7% -5.3% -3.4% -4.9% -4.9% 3.4k 1.7k -3.9% -4.6% -5.3% -3.5% -5.1% -5.4% 5.1k 1.7k -4.1% -4.7% -5.4% -3.5% -5.4% -5.4% k -4.% -4.6% -5.2% -3.5% -5.5% -5.7% % -4.6% -5.5% -3.5% -5.8% -5.6% k -4.% -4.6% -5.5% -3.5% -5.9% -5.6% k -4.1% -4.6% -5.2% -3.6% -6.1% -5.8% k -4.1% -4.7% -5.5% -3.6% -6.% -5.7% k -4.% -4.7% -5.4% -3.6% -5.3% -6.3% k -4.% -4.8% -5.1% -3.5% -5.8% -6.7% 4. 5k -4.1% -4.7% -6.% -3.6% -6.1% -6.5% 4. 5k -4.2% -4.8% -5.5% -3.6% -5.9% -5.7% 4. 5k -4.3% -4.9% -5.6% -3.7% -5.% -7.1% 4.7k 5k

11 OFFSHORE VALUES THROUGH JUNE 217 PSV Softening in PSV values this month. 3 PSV sales have been concluded this month. NS Frayja and NS Orla (5,1 DWT, Sep/Jul 214, Hyundai Mipo) were sold with 15 year (USD 17,253 per day) charter attached for USD 15.4 mil from BP Shipping to Ocean Yield. Blue Betria (2,5 DWT, Jun 1983, Ulstein Verft) was sold by Blue Star Line AS for conversion to FRU. AHTS & AHT Softening in all AHTS/AHT values this month. 5 AHTS/AHT sales have been concluded in June. Pacific 3, 33, 333 (6,96 BHP, Aug/Oct/Dec 213, Pacific Richfield) were sold in a bank sale for a total of USD 9.9 mil to POSH. Baltic Explorer (5, BHP, Jul 213, ASL Marine) was sold to a Russian Buyer from Swissco for an undisclosed price. Mermaid Reliance (2,218 BHP, May 21, East Star) was sold by MMA Offshore to Astro Offshore for an undisclosed price.

12 2ND HAND S&P ACTIVITY JUNE 217 S&P $ Value of 2nd hand sales in June 217 vs June 216. Jun $619 $614 Jun 216 Value (M USD) 6 5 $446 4 $332 $266 3 $226 2 $115 $12 1 $4 Bulker Tanker Container N/A Gas OSV Total activity by transaction value is only 2% higher for June 217 compared to June 216. Both Bulker and Container transaction values are lower this year compared to June 216 whereas Tanker and Gas sales are higher. Container transaction value is nearly double in June 216 due to 2 New Panamax Containers being sold for USD 97.8 mil each. Gas values are significantly higher for June 217 due to the sale of GasLog Geneva for USD 211. mil. S&P No. Number of 2nd hand sales taken place in June 217 vs June 216. Jun No. Vessels Jun Bulker Tanker Container Gas OSV Total sales by number count are down 2% for June 217 compared to June 216. Bulker and Containers sales are down for June 217, for Bulkers just under half the amount of sales have taken place compared to June 216. There have been 8 OSV sales concluded this June compared to 7 last June, however no prices were disclosed in 216.

13 NEWBUILDING ACTIVITY JUNE 217 VS 216 Newbuilding No. Number of newbuilding orders taken place in June 217 vs June 216. Jun No. New Buildings 25 Jun Bulker Tanker Container Gas OSV Overall there has been fewer NB orders placed across the shipping sector. However, Bulker NB orders placed have increased 2 fold with JP Morgan ordering 2 option 2 18, DWT Capes, Chinese built for USD 45. mil each with expected delivery 219. Tanker and Gas NB orders have halved for June 217. However, the deal of 2 option 2 VLGC LPG 84, CBM Chinese built vessels ordered by Petredec Ltd for USD 72. mil each with expected delivery 219, is the first VLGC NB order for a while. No Container or OSV NB have been placed, giving an indication to the current market.

14 DEMOLITION ACTIVITY JUNE 217 VS 216 Demolition No. Number of demolition sales per ship type, taken place in June 217 vs June 216. Jun Jun No. Demo sales Bulker Tanker 3 1 Container Gas 1 OSV At the beginning of the month Pakistan and Bangladesh announced their 217 budget to reverse the duties and taxes, this in turn has had a knock effect on pricing and sentiment across India sub-continent recycling destinations. In addition to the Holy month of Ramadan and the Pakistani market being closed to Tankers, there have been very few sales this month. Total demolition sales across all ship types in June 217 is half the number of sales that occurred in June 216. Bulker and Container demo sales are down c.65% each compared to this time last year.

15 CHARTER RATES Dry Baltic Exchange daily market spot rates for Capesize, Panamax, Supramax and Handy Bulkers from 1st June 216-3th June 217. Source: Baltic Exchange Capesize Panamax Supramax Handy 25, (USD per day) 2, 15, 1, 5, Aug 216 Nov 216 Feb 216 May 217 Capesize rates have varied this month. Rates have fluctuated between USD 1,686/day and USD 6,554/day which has also contributed in the softening of values. However, current rates are firmer compared to this time last year where the average rate was USD c.5,8/day. Panamax rates have firmed significantly over June 217 from USD 6,358/day to USD 9,224/day showing an absorption of the surplus tonnage seen earlier this year. Supramax and Handysize Bulker values which have been mirroring each other over the past year and over the course of June 217, firmed a small amount. Wet Baltic Exchange daily market spot rates for VLCC, Suezmax and Aframax Tankers from 1st June 216-3th June 217. Source: Baltic Exchange VLCC Suezmax Aframax 6, (USD per day) 5, 4, 3, 2, 1, Aug 216 Nov 216 Feb 216 May 217 Tanker rates have softened throughout June 217 which has also contributed to the slight softening in values for VLCC and Suezmax values. VLCC rates are not much different to both Suezmax and Aframax rates. A slow start to the month saw Suezmax rates softening from USD 13,931/day which continued to fall throughout the month to current rates at USD 6,148/day. Aframax rates have softened significantly from USD 8,999/day at the beginning of the month to USD 3,561/day at the end of the month, due to a surplus of available tonnage.

16 CHARTER RATES Container Contex daily time charter rates for Panamax, Handysize and Feedermax Containers from 1st June 216-3th June 217. Source: Contex, VHSS Panamax Handy Feedermax 12, (USD per day) 1, 8, 6, 4, 2, Aug 216 Nov 216 Feb 216 May 217 Panamax rates have recovered over the past few months, partly supported by the positive demand trends and limited fleet growth. Rates are c.usd 2,/day higher this June 217 compared to June 216. Handy and Feedermax rates have remained stable throughout the month. LPG Fearnleys weekly market spot rates for VLGC, MGC and LEG Gas ships from 1st June 216-3th June 217. Source: Fearnleys VLGC MGC LEG (Thousand USD per month) Aug 216 Nov 216 Feb 216 May 217 VLGC rates have continued to soften throughout June 217 from USD 45,/month to USD 37,/month. The first spot fixtures in several months have been undertaken by VLGC s which have been fixed for about USD 2,/day. MGC and LEG rates remain stable with a slight softening in values, with MGC rates now dropping below LEG to USD 42,/month.