MONTHLY MARKET OVERVIEW

Transcription

1 MONTHLY MARKET OVERVIEW 1 st 31 st October 217 SUMMARY OF CONTENT Value analysis Total second hand S&P activity Newbuilding activity Demolition activity Charter rate analysis

2 BULKER VALUES THROUGH OCTOBER 217 BULKERS Bulker values have remained stable this month apart from Handy Bulkers which have firmed. This table shows the monthly % change in value from 1 st to the 31 st October 217 for Bulker vessels, by year of build. YEAR OF BUILD CAPE PMAX SUPRA HANDY DWT DWT DWT DWT % +.1% 8k +.2% +1.6% % 8k +.1% +1.5% % 8k +1.3% % 8k +.2% +1.1% % +.1% 8k +.4% +9.8% % +.3% 8k +.7% +9.7% % +.4% 8k +.9% +9.5% % 8k +1.2% 55k +9.2% % 8k +1.5% 55k +9.% % +.8% 8k +1.7% 55k +8.8% % +.9% +2.% 55k +8.6% % +1.% +2.5% 55k +8.4% % +1.2% +2.8% 55k +8.2% % +1.3% +3.2% 55k +7.9% % % +3.4% +7.7% % % +3.8% +7.6%

3 BULKER VALUES THROUGH OCTOBER 217 Capesize 6 sales have been confirmed this month. Choully (182, DWT, Apr 216, Japan Marine United) sold for USD 44.8 mil, VV value USD mil. Cape Triumph (176,3 DWT, Jan 24, Universal) sold DD Due for USD 14.2 mil, VV value USD mil. Panamax 12 sales have taken place this month. Privocean (81,4 DWT, May 213, SPP) sold for USD 21 mil, VV value USD 21.1 mil. Dream Seas (75,2 DWT, Jun 29, Hudong Zhongua) sold for USD mil, VV value USD mil. ADS Kristiansand (76,6 DWT, Oct 28, Imabari) sold for USD 14.9 mil, VV value USD mil. Hephaestus (74,4 DWT, Oct 21, HHI) sold for USD 8.4 mil, VV value USD 8.2 mil. Supramax 16 sales have taken place this month. Ocean Leopard (63,8 DWT, Sep 213, Taizhou Kouan) sold for USD mil, VV value USD 15 mil. Nonna Ulia (56, DWT, Jan 21, Mitsui Tamano) was bought by Diligent Holdings for USD 14.9 mil, VV value USD mil. Ocean Hawk 1 (56, DWT, Oct 27, Mitsui Ichihara) sold for USD 13 mil, VV value USD mil. Electra (48,9 DWT, Feb 21, IHI) sold for USD 7 mil, VV value USD 6.7 mil. Handy Values have firmed throughout the month. 14 sales have taken place this month. Galene M (33,2 DWT, Jan 211, Kanda) sold for USD 12.5 mil, VV value USD mil. Aster K (32,6 DWT, Nov 26, Kanda) sold by Orient Marine for USD 8.5 mil, VV value USD 7.93 mil. Great Mary (32,3 DWT, May 2, Saiki) sold for USD 5.3 mil, VV value USD 4.46 mil.

4 TANKER VALUES THROUGH OCTOBER 217 TANKERS All values have remained stable this month. This table shows the monthly % change in value from 1 st to the 31 st October 217 for Tanker vessels, by year of build. YEAR OF BUILD VLCC SUEZ AFRA LR1 MR DWT DWT DWT DWT DWT % 3 +.4% 1 +.2% +.1% +1.3% % 3 +.4% 1 +.1% +1.3% % 3 +.3% 1 -.1% +1.3% % 3 +.2% 1 -.1% -.1% +1.4% % 3 +.1% 1 -.2% -.3% +1.5% % 31k 1 -.3% -.4% +1.7% % 31k -.1% 1 -.4% -.4% +1.9% % 31k -.1% 1 -.5% -.5% +2.2% % 31k -.2% 1 -.5% -.6% +2.5% % 31k -.2% 1 -.6% -.7% +2.9% % 31k -.3% 1 -.7% -.8% +3.2% % 31k -.3% 1 -.8% -.8% 7k +3.6% 45k % 31k -.4% 1 -.8% -.8% 7k +4.% 45k % 35k -.4% 155k -.8% 15k -.8% 7k +4.6% 45k % 35k -.5% 155k -.8% 15k -.8% 7k +4.9% 45k % 35k -.4% 155k -.8% 15k -.8% 7k +5.4% 45k

5 TANKER VALUES THROUGH OCTOBER 217 VLCC Values have firmed slightly this month. 3 sales have been concluded this month. Gener8 Zeus (318,3 DWT, Feb 21, HHI) sold for USD 53 mil, VV value USD mil. Fujikawa (3, DWT, Apr 24, Universal) sold to Dynacom Tankers for USD 27.2 mil, VV value USD mil. Gener8 Poseidon (35,8 DWT, Mar 22, Daewoo) sold for USD 22.5 mil, VV value USD mil. Suezmax 1 sale has been confirmed. Gener8 Argus (16, DWT, May 2, HHI) sold for USD 11 mil, VV value USD 1.75 mil. Aframax 2 sales have taken place. Ocean Mare (16,1 DWT, Jan 26, Hyundai Samho HI) sold at Auction to LL Energy for USD 13.8 mil, VV value USD mil. BLS Advance ( 85, DWT, Oct 22, Sasebo) sold to Avin International for USD 7.8 mil, VV value USD 8.42 mil with SS Due. LR1 Values have softened in older tonnage. No LR1 sales have been completed this month. MR Values have firmed this month. 5 sales have taken place this month. Challenge Pearl (47,5 DWT, Jun 28, Onomichi Dockyard)was bought by Ardmore Shipping for USD 16.5 mil, VV value USD mil. High Prosperity (48,7 DWT, Oct 26, Imabari) sold by D Amico International for USD mil, VV value USD mil. Seaways Ambermar (36, DWT, Feb 22, STX Offshore) sold for USD 8.5 mil, VV value USD 8.7 mil.

6 CONTAINER VALUES THROUGH OCTOBER 217 CONTAINERS Container values have been variable this month. Both Post Panamax and Panamax values have softened, however older Handy and Feedermax values have firmed. This table shows the monthly % change in value from 1 st to the 31 st October 217 for Container vessels, by year of build. YEAR OF BUILD POST PMAX PMAX HANDY FMAX TEU TEU TEU TEU % -3.5% +.4% +.4% % -3.6% +.3% +.4% % -3.7% +.2% +.3% % -3.7% +.1% +.2% % -3.8% +.1% % -3.8% -.1% % -3.8% -.1% -.1% % -3.8% -.2% -.3% % -3.8% -.2% -.4% % -3.8% -.3% -.4% % -5.5% -.3% -.6% % -5.5% +1.3% +2.1% % -5.6% +1.4% +3.9% % -5.6% +1.2% +5.5% % % % +8.% % % % +1.4%

7 CONTAINER VALUES THROUGH OCTOBER 217 Post PMax Values have remained relatively stable this month. The Akinada Bridge (5,6 TEU, Nov 21, HHI) sold for an undisclosed price. Panamax Values have softened for mid age tonnage. 4 sales have taken place this month. SCT Qatar (4,86 TEU, Apr 21, Daewoo-Mangalia) and SCT Oman (4,86 TEU, Feb 21, Daewoo- Mangalia) sold for USD 22 mil en bloc, VV value USD mil en bloc. Jules Verne (4,25 TEU, Jan 21, Jiangsu New Yangzijiang) sold for USD 1.3 mil, VV value USD 1.33 mil. Handy 4 Handy sales have taken place. HS Liszt (1,35 TEU, Mar 28, Jiangsu Yangzijiang) sold for USD 7 mil, VV value USD 7.65 mil. Hansa Magdeburg (1,74 TEU, Aug 23, CSSC OME) sold for USD 4.7 mil, VV value USD 4.96 mil. Feedermax 1 sale has been confirmed this month. Sinar Buton (1,2 TEU, Oct 28, Hakata Zosen) sold for USD 7.5 ml, VV value USD 7.43 mil.

8 LPG VALUES THROUGH OCTOBER 217 LPG LPG values have remained stable across all vessel types. This table shows the monthly % change in value from 1 st to the 31 st October 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 CBM CBM CBM CBM CBM % 84k +1.6% 3-1.4% 12k % 84k +1.4% 3 12k % 84k +1.% 3-1.4% 12k % 84k +.3% 3 12k % 82k +.4% 12k % 82k +.3% 9k % 82k +.1% -1.8% 9k % 82k -1.3% -1.8% -1.8% 9k % 82k -2.8% -1.8% -1.8% -1.8% 9k % 82k -3.3% -1.8% 9k % 82k -2.9% % 82k -2.4% -1.8% -2.% % 7-2.9% -2.% -2.% 24-4.% 7-3.2% -2.% -2.1% % 7-3.4% -2.1% -2.% -2.1% -2.1% % 7-3.5% 57k -2.1% -2.% -2.1% -2.% -2.1%

9 LPG VALUES THROUGH OCTOBER 217 VLGC No sales have been concluded this month, a small firming in more modern vessels is due to firming in rates. SPFR No sales have been concluded this month. Fully Pressurised Values have softened this month. No sales have been concluded this month.

10 OFFSHORE VALUES THROUGH OCTOBER 217 OSV Values have softened in both the AHTS/AHT and PSV sectors this month. This table shows the monthly % change in value from 1 st to the 31 st October 217 for OSV vessels, by year of build. YEAR OF BUILD LARGE PSV MEDIUM PSV SMALL PSV SUPER AHTS MEDIUM AHTS SMALL AHTS DWT DWT DWT BHP BHP BHP % -3.% 3.6k -3.1% 1.7k -9.7% +1.4% 8.2k +1.5% 5.5k % -3.5% 3.6k -3.4% 1.7k -9.7% +1.1% +1.1% % -4.2% 3.6k -4.3% 1.7k -9.9% +.6% +.7% % -5.4% 3.4k -5.3% 1.7k -1.1% +.2% +.2% % 5.1k -6.9% -6.8% 1.7k -1.3% -.4% -.3% % % -8.7% 1.7k -.6% -.4% % % -1.9% -1.7% -.8% -.5% % % -13.3% -11.% -1.1% -1.4% 5.1k % % -15.5% -11.5% -.7% -1.% 5.1k % % -17.8% -11.8% -1.% 5.1k % % -2.5% -12.2% 5.1k % % -22.7% -12.7% 5.1k % % -24.5% -13.% 5k % % -26.5% -13.4% 5k % % -29.2% -13.9% 5k % 4.7k -29.9% -3.2% -14.2% 5k

11 OFFSHORE VALUES THROUGH OCTOBER 217 PSV Values have softened for older tonnage. 3 PSVs have been sold this month. ER Georgina (4,8 DWT, Apr 21, Vard Brevik) and ER Athina (4,1 DWT, Dec 29, Vard Brevik) sold to Wanax en bloc for USD 22.2 mil, VV value USD mil. CMM Gravity (3,5 DWT, Apr 214, Zaliv) was sold to Delta Logistics Ltd by Compagnie Maritime Monegasque. AHTS & AHT Values have softened throughout the month. 13 sales have taken place this month. An en bloc deal of 11 Hartmann Offshore AHTS vessels (16,32 BHP, 29-21, Fincantieri Ancona) took place all bought by Breakwater Capital for an undisclosed price. Posh Vibrant (7,94 BHP, Oct 28, Yuexin Shipbuilding Co) and Posh Virtue (7,94 BHP, Jul 29, Yuexin Shipbuilding Co) were offloaded by Havila Shipping.

12 2 ND HAND S&P ACTIVITY OCTOBER 217 VS 216 S&P $ Value of 2 nd hand sales in in October 217 vs October $666 $64 Oct 217 Oct 216 Value (M USD) $562 $295 $31 $29 $212 $75 $4 $ $18 $22 $42 Bulker Tanker Container Gas OSV Total value for sales is down 13% from October 217 compared to October 216. However, Bulker transaction values are 1% higher this October even though number of transactions are lower. Tanker transaction prices are very similar around the USD 3 mil mark for both years, also reflected by the similar number of sales that took place. No LPG or LNG sales have taken place this month however last October Gas Log Seattle (155, CBM, Dec 213, Samsung) sold for USD 189 mil in an internal deal. S&P No. Number of 2 nd hand sales taken place in October 217 vs October Oct 217 Oct 216 No. Vessels Bulker Tanker Container Gas OSV Total sales by number count are 33% lower for October 217 at a total of 94 compared to a total of 125 sales for October 216. Bulker sales are also down by 33% this month, however transaction values are higher. Container sales are nearly half the number for October 217 compared to October 216 however comparatively transaction values are 47% higher.

13 NEWBUILDING ACTIVITY OCTOBER 217 VS 216 Newbuilding No. Number of newbuilding orders taken place in October 217 vs October Oct 217 Oct 216 No. New Buildings Bulker Tanker Container Gas OSV 4 Newbuilding Total No. Overall trend this month has been for larger tonnage in Bulkers. 34 Bulker NB orders have been placed for October 217. Polaris Shipping has ordered 5 VLOC s (delivery 221, 325, DWT, HHI) for USD 8 mil each. Korea Line Corp also ordered 2 VLOC s (delivery 22, 325,4 DWT, HHI) for USD 82 mil each. 17 Panamax vessels have been ordered with 14 of these by Nisshin Shipping (82, DWT, 219/22), 7 built at Oshima for USD 27 mil and 7 Jiangsu Hantong built for USD 24 mil. All 4 Tanker NB are Small Chemical (19,7 DWT, 22, Usuki Zosensho) for USD 33.5 mil ordered by Nisshin Shipping. Total number of newbuild orders from 1 st October 216 to 31 st October 217. Ship Type 216 Q4 217 Q1 217 Q2 217 Q3 217 Q4 Grand Total Bulker Tanker Container Gas OSV 7 7 Overall the total number of NB orders from October 216 through to October 217 is higher for Tankers compared to other vessel types. The highest number of NB for Bulkers took place in Q3 217 with 141 orders placed. Overall Tanker NB orders are highest out of all ship types, Q2 217 saw 14 NB orders placed and only 49 in Q3 this year. There have been no Container NB orders placed in Q4 217 so far showing an oversupply of tonnage with over 2 vessels set for delivery in 218.

14 DEMOLITION ACTIVITY OCTOBER 217 VS 216 Demolition No. Number of demolition sales per ship type, taken place in October 217 vs October Oct 217 Oct 216 No. Demo sales Bulker Tanker Container Gas OSV Total demolition sales are lower for October 217 compared to October 216. Sentiment started to soften throughout October with a lack of cash buyers meaning fewer sales towards the end of the month. Capesize Bulkers scrapped at Pakistan have fetched high prices, due to Pakistan being closed to Tankers. The majority of tonnage scrapped was Handy Bulkers and Small Tankers including a few MR s. Demolition Trend 45 Demolition price trend for Tanker Price India from October 216 October 217. Tanker scrap price 4 USD/LDT Dec 216 Mar 217 Jun 217 Sep 217 Rates have continued to soften throughout October which has been confirmed by a lack of supply of tonnage particularly in the Bulker and Container sector.

15 CHARTER RATES Dry 25, 2, Baltic Exchange daily market spot rates for Capesize, Panamax, Supramax and Handy Bulkers from 1 st October st October 217. Source: Baltic Exchange Capesize Panamax Supramax Handy (USD per day) 15, 1, 5, Dec 216 Mar 217 Jun 217 Sep 217 Capesize rates have continued firming throughout the month reaching nearly a two year high. Panamax rates began to soften towards the end of the month with a lack of cargo available. Supramax and Handysize rates have also seen reduced activity, however rates stayed stable throughout October. Wet 6, Baltic Exchange daily market spot rates for VLCC, Suezmax and Aframax Tankers from 1 st October st October 217. Source: Baltic Exchange VLCC Suezmax Aframax 5, (USD per day) 4, 3, 2, 1, Dec 216 Mar 217 Jun 217 Sep 217 Rates continued to firm throughout October from USD 7,987/day to USD 14,524/day mid October where they stopped firming and remained stable. Suezmax rates firmed significantly mid October from USD 9,12/day to USD 2,424/day. Aframax rates began to soften towards the end of the month due to limited activity.

16 CHARTER RATES Container 12, Contex daily time charter rates for Panamax, Handysize and Feedermax Containers from 1 st October st October 217. Source: Contex, VHSS Panamax Handy Feedermax 1, (USD per day) 8, 6, 4, 2, Dec 216 Mar 217 Jun 217 Sep 217 Panamax rates have begun to soften again over the past few months. Handy rates firmed towards the end of the month LPG Fearnleys weekly market spot rates for VLGC, MGC and LEG Gas ships from 1 st October st October 217. Source: Fearnleys (Thousand USD per month) VLGC MGC LEG Dec 216 Mar 217 Jun 217 Sep 217 VLGC rates have firmed this month with rates up to USD 56,/day over triple the number we saw in August earlier this year. MGC and LEG rates remain stable throughout October.