This past month there has been a lot of new contracts being signed and unfortunately the majority has been on the tanker side.. Firstly the Chinese have indeed finalized orders for 30 VLCC’s at a high $90 mill apiece which was totally a political decision and many of our contacts within these state controlled tanker co’s have told us that they really don’t need these ships! Secondly sinokor that has been very active over the last 6 months has agreed with SPP to build 10 option 10 eco MR’s for charter to SHELL basis $12k base rate and profit split! We are every worried since we have seen about 120 MR’s ordered in the last 9 months and so once more we are heading to an oversupply scenario for the next 3-4 years..

Last but not least BP is close to ordering 14 tankers, 10 aframaxes and 4 suezmaxes in Samsung or STX! Sungdong has reached some kind of compromise with tsakos probably on cancelling their containers and have now ordered one option one DP2 shuttle tanker at $92 mill apiece for long period to petrobras similar to their previous order for two such ships while JX shipping agreed with Hyundai mipo to build a single 35,000 cbm LPG for $50 mill. Oriental energy are rumored to have ordered six option ten VLGC’s in jiagnan for $60 mill each which once more will be a negative gamechanger for the big LPG market. Jo tankers went to Nantong mingde for two option six 33,000 dwt (28 tanks)eco type chemical tankers costing $40 mill each while ceres-JP morgan JV exercised options for 4 more MR’s in SPP costing region $33 mill each.

Full article, ELNAVI, December 2012, Issue 468, Page. 88

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