MONTHLY MARKET OVERVIEW

Transcription

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

2 BULKER VALUES THROUGH AUGUST BULKERS BUILT The table below shows the monthly % change for each bulker vessel type, built from 21- for the month of August. CAPE PMAX SUPRA HANDY 3.2% 5.8%.8% 17.6% 6k 2.% 5.4% 6k 4.7% -.36% 13.2% 6k.3% 3.8% -.5% 11.% 6k -.1% 2.8% -.4% 9.% 6k 1.1% -.3% 15.4% -.1% 6.9% 6k -.2%.6%.6% 5.2% 55k.1% 1.7%.1%.5% -1.9% 1.2% 2.1% -3.1% -4.3% 1.4% 3.6% 55k 2.5% 2.3% 55k 3.8% 1.1% 55k 5.1%.4% 55k -5.3% 6.6% 55k 4.2% -6.5% 8.5% -.2% 55k 4.9% -7.5% 1.3% 1 6.2% -8.7% 12.%.8% 1 4.5% -9.4% 14.4% 1 3.1% 1.5% Modern bulkers have strengthened throughout August. info@

3 BULKER VALUES THROUGH AUGUST Capesize Capesize values have firmed. 6 capesize sales have been concluded over August. The sale of the Mustang (18, dwt, blt, New Times Shipping) sold for usd 32.5 mil, with the VV value on the day before sale being usd 28.5 mil. Panamax Panamax values have firmed for modern tonnage and softened for older tonnage. 12 sales having been concluded for August. The highest impact was the resale of SS22 Hull and SS221 Hull (81,6 dwt, blt, Tsuneishi Zhoushan) for usd 22 mil each with VV valuing at usd mil each. Older tonnage has seen a softening in value, confirmed by the sale of the Yangtze (73,5 dwt, 21 blt, Tsuneishi) for usd 3.4 mil and VV valuing the vessel the day before sale at usd 4.26 mil. Supramax Supramax values have firmed for older tonnage and have been stable to soft for modern tonnage. 19 sales were concluded for the month of August. The Nemtas 1 (5,1 dwt, 21 blt, Mitsui Ichihara) was sold by Nemtas Nemrut Liman for usd 4.4 mil with VV valuing the day before sale at usd 3.88 mil. For modern tonnage, the 61, dwt resale from Dalian Cosco KHI sold for usd 18.3 mil with VV valuing the day before sale at usd 17.8 mil. Handy Modern handy values have firmed. 11 sales were concluded for August. Contributing to modern tonnage firming was the Don Mariano (37,9 dwt, blt, Avic Weihai) sold at usd 14.5 mil and VV valuing the vessel at usd 1.5 mil the day before sale. info@

4 TANKER VALUES THROUGH AUGUST TANKERS BUILT The table below shows the monthly % change for each tanker vessel type, built from 21- for the month of August. VLCC SUEZ AFRA LR1 MR -.1% -3.4% -3.2% -1.5% 32k -.2% -3.5% 32k -.4% -3.6% -3.4% 32k -.6% -4.% 32k -1.8% -4.4% -1.5% -2.2% -4.9% -1.4% -2.7% -5.5% -3.2% -3.2% -1.2% -3.2% -6.1% -3.2% -3.2% -3.8% -6.8% -3.1% -3.1% -1.% -4.4% -7.4% -3.% -3.% -.9% -5.% -8.% -2.9% -2.9% 7k 45k -5.6% -8.5% -2.8% -2.8% -.9% 7k 45k -6.7% -9.2% -2.7% -2.7% -.8% 35k 155k 15k 7k 45k -7.4% -9.5% -2.5% -2.5% -.9% 35k 155k 15k 7k 45k -8.2% -9.6% -2.4% -2.4% -.9% 35k 155k 15k 7k 45k -9.3% -9.5% -2.3% -2.3% -.9% 3k 155k 15k 7k 45k -1.1% Tanker values have continued to fall throughout August across all vessel types. info@

5 TANKER VALUES THROUGH AUGUST VLCC VLCC values have softened, with older tonnage affected the most. 2 sales have been concluded for August. The sale of Kaminesan (33,9 dwt, 23 blt, Universal) sold at usd 28.3 mil with VV valuing at usd 32.4 mil, a significant reduction. Suezmax Suezmax have softened, with older tonnage affected the most. No sales have taken place this month, softening due to falling charter rates. Aframax Aframax and LR2s have shown a consistent softening in values throughout August. The sale of the Isis (116,1 dwt,27 blt, Universal) failed in July and was resold on August 1th by Global United Shipping Singapore to Atlas Maritime. The vessel sold for usd 24.7 mil. MR MR values have softened throughout the month. 7 sales have been concluded for the month of August in the handy sector. Two MR2 sisters, the Pacific Marchioness (46,7 dwt, 21 blt, Hyundai Mipo) and the Pacific Duchess (46,7 dwt, 29 blt, Hyundai Mipo) have been sold en bloc at usd 22.3 mil and usd 2.7 mil respectively. VV valuing the day before sale for usd mil and usd 2.97 mil respectively. The sale includes a bareboat to ENOC. info@

6 CONTAINER VALUES THROUGH AUGUST CONTAINERS BUILT The table below shows the monthly % change for each container vessel type, built from 21- for the month of August. POST PMAX PMAX HANDY FMAX -2.7% -3.2% -4.5% -2.8% -5.1% -3.1% -3.6% -5.7% -1.3% -3.6% -4.% -6.3% -1.% -4.1% -4.6% -6.9% -4.9% -5.3% -7.3% -.3% -5.7% -6.2% -7.5% -.1% -6.6% -7.1% -7.6% -.3% -7.7% -8.1% -7.2% -8.8% -9.2% -6.9% -1.7% -9.9% 1.3% -6.2% -3.1% 11.% 11.5% -5.4% -5.% 12.2% 12.5% -4.3% -7.4% 13.3% -9.8% -3.% -9.9% % 12.8% % 1.7% % 4.4%.3% -15.7% 65 4 Container values have weakened across all vessel types. info@

7 CONTAINER VALUES THROUGH AUGUST Post PMax Post Panamax values have softened, with older tonnage affected the most. 1 sale has been concluded for August. UASC Umm Qasr (934 teu, 214 blt, Hyundai Samho Heavy Ind) sold to MC Seamax Management LLC from Asiatic Lloyd Shipping for usd 8 mil inc charter. VV valuing the vessel at usd mil day before sale. Panamax Panamax values have softened, with 15y old vessels showing a slight firming from historic lows. 1 sale has been concluded this month. Mare Caribicum (438 teu, 2 blt,hhi) sold by Hansa Mare KG to Orient Express Lines for usd 4.6 mil. 1 demolition sales have taken place in the Panamax fleet. Handy Handy container values have softened. 3 sales were concluded for August. One of which, Mell Solomon (1,74 teu, 29 blt, Guangzhou Wenchong) sold by Gebruder Winter at usd 8.5 mil, VV valued the vessel at usd 9.6 mil day before sale. info@

8 OFFSHORE VALUES THROUGH AUGUST OSV BUILT The table below shows the monthly % change for OSV s, built from 21- for the month of August. LARGE PSV MEDIUM PSV SMALL PSV SUPER AHTS MEDIUM AHTS SMALL AHTS 1.% 1.%.9%.3% 1.3% 1.3% 5.2k 3.6k 1.7k 5.2k.9%.9%.8%.3% 1.2% 1.2% k 1.7k 5.2k.6%.7%.7%.2% 1.1% 1.% k 1.7k 5.2k.4%.5%.5%.2%.8%.8% k 5.2k.1%.2%.2%.2%.7%.8% k 5.2k -.3% -.2% -.2%.1%.6%.5% k -.6%.1%.5%.4% k -1.1% -1.% -1.2%.1%.4%.4% k.2%.3% k -2.% -2.% -2.1% -.1%.3% k -2.5% -2.6% -2.4% -.2% k -3.1% -3.% -3.1% -.3% 4. 5k -3.6% -3.4% -3.6% -.4% 4. 5k -3.9% -4.2% -4.1% -.5% 4. 5k -4.6% -4.5% -4.1% -.6% 4.7k 5k -4.8% -5.1% -4.8% -.8% 4.7k 19k 5k OSV values have remained relatively stable. Modern vessel values have firmed slightly, older vessels have softened slightly. info@

9 OFFSHORE VALUES THROUGH AUGUST PSV PSVs had a total of 4 sales. ER Kristiansand (3,4dwt, blt 25, Kleven Verft), ER Arendal and ER Bergen (3,5 dwt, blt 26, Kleven Verft) were sold at usd 2.5 mil each by ER Offshore to PSV Opportunity. Maersk Finder (4,6 dwt, blt 1994, Ulstein Verft) was sold for an undisclosed price from Maersk to Karadeniz Holding. It will be modified and removed from the offshore market. AHTS AHTS sales included a large debt restructuring move by Siem Offshore. The vessels Siem Amethyst, Siem Aquamarine, Siem Diamond, Siem Emerald, Siem Garnet, Siem Opal, Siem Pearl, Siem Ruby, Siem Sapphire and Siem Topaz, were purchased by the Siem AHTS Pool from Siem Offshore for an undisclosed price. VV s value for the vessels part of the Siem deal is usd 597 mil. Maersk Puncher (14,28 BHP, blt 1992, Vard Soviknes) and Maersk Provider (14,28 BHP, blt 1991, Vard Soviknes) were sold for an undisclosed price to Karadeniz Holding. The vessels will be modified and removed from the offshore market. VV estimates the total deal from Maersk to Karadeniz Holding to be worth usd 4.15 mil. info@

10 2ND HAND S&P ACTIVITY AUGUST VS 1,8 $1,592 1,6 Value (M USD) 1,4 1,2 1, $416 $482 $38 $224 2 $156 $ Bulker S&P $ Tanker Container $2 $9 $7.5 Gas OSV Chart 1 shows the total value of 2nd hand sales in August compared to August. Total activity by transaction value is down 55% compared to August. Container activity in August showed higher transaction values than August. No transactions in the Gas market in August No. Vessels Bulker S&P No. 3 Tanker Container Gas 3 OSV Chart 2 shows the total number of 2nd hand sales taken place in August compared to August. Total sales by number count are marginally down from August. Bulker sales are up 26% compared to August. Tankers have had the largest fall in 2nd hand S&P activity. 15 OSV transactions in August but only 3 confirmed prices. info@

11 NEWBUILDING ACTIVITY AUGUST VS 4 35 No. New Buildings Bulker Newbuilding No. Tanker Container Gas OSV Chart 3 shows the number of new building orders taken place in August compared to August. Newbuilding orders are down 55% from August compared to August. The Container market shows a 13% increase in newbuilding orders for. No Bulker, Gas or OSV newbuilding orders were placed in August. info@ 2

12 DEMOLITION ACTIVITY AUGUST VS No. Demo sales Bulker Demolition No. Tanker Container Gas OSV Chart 4 shows the number of demolition sales for each ship type, taken place for August compared to August. Total demolition sales for all ship types are up 5% for this August compared to August. Containers have seen the greatest increase in demo sales. Gas demolition sales have remained consistent for August and August. info@

13 CHARTER RATES Capesize Panamax Supramax Handy 25, (USD per day) 2, 15, 1, 5, Sep Dry Nov Jan Apr Jun Aug Chart 5 shows the Baltic Exchange daily market spot rates for Capesize, Panamax, Supramax and Handy Bulkers from 1st August 31st August. Source: Baltic Exchange Rates for all dry vessel types have firmed since the start of the year but are slightly below August levels. VLCC Suezmax Aframax 1, 9, 8, (USD per day) 7, 6, 5, 4, 3, 2, 1, Sep Wet Nov Jan Apr Jun Aug Chart 6 shows the Baltic Exchange daily market spot rates for VLCC, Suezmax and Aframax Tankers from 1st August 31st August. Source: Baltic Exchange Tanker rates for all types continue to soften. info@

14 CHARTER RATES Panamax Handy Feeder 14, 12, (USD per day) 1, 8, 6, 4, 2, Sep Container Nov Jan Apr Jun Aug Chart 7 shows Contex daily time charter rates for Panamax, Handysize and Feedermax Containers from 1st August 31st August. Source: Contex. Container rates have softened over the last 12 months and have stabilized at low levels since January. VLGC MGC LEG 3,5 3, (USD per day) 2,5 2, 1,5 1, 5 Sep LPG Nov Jan Apr Jun Aug Chart 8 shows the Fearnleys monthly market spot rates for VLGC, MGC and LEG Gas ships from 1st August 31st August. Source: Fearnleys. The LPG sector has seen a further decrease in spot market rates over the course of. VLGCs have fallen the most, now lower than MGC and LEG rates. info@