The negative news of the month is the confirmed contract for up to 50 new VLCC’s in Chinese yards by 3-4 large Chinese tanker co’s. if that’s indeed signed and finalized then that means that the crude market and especially the VLCC’s will remain for a much longer period in loss making territory…

Frontline 2012 has exercised two options for VLGC’s in jiagnan costing $63,5 mill making four in total for fredriksen while damico has agreed with Hyundai mipo to build two MR’s for $33 mill apiece while the same co 2 months ago had agreed with the same yard to build two 40k products for $30 mill each.  Samsung will build two 120.000 dwt shuttle tankers for AET costing $100 mill each (twin skeg and DP2) and will be on long term charter to statoil. Oldendorff went to jiansu eastern for a self discharging 94,000 dwt post panamax bulker with an option attached and CIMC agreed with STX dalian to build 10 9200 teu containers (4 in stx and 6 in dalian yard) for a total price of $825 million and all will be on long period to CMA CGM.

Last but not least an interesting deal was done by dynacom in new times yard, they cancelled two vlcc’s and suezmaxes they had on order and in exchange bought 5 bulkers (capes and kamsarmaxes) that were left as cancelled orders by other clients.

Full article, ELNAVI, Issue 466, October 2012, Page. 66

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