Intermodal Weekly Market Report for week 18 2022 By Mohamed Rabie, SnP Broker

Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that occurred concurrently over the past weeks, where someone could expect the opposite.
More specifically, in the Dry Bulk market the BDI is witnessing levels higher than its previous high of the current year, being at 2,939 points as of today, with its previous high of this year being recorded back in mid-March at 2,727 points.
Despite having all these holidays in the past weeks, the total number of deals seems to be mainly affected in the Dry Bulk market even while the values remain at similar or even firmer levels.
In mid-February 2022, Capesize M/V MINERAL BELGIUM (174kdwt 2005 SWS//SS & DD: 06-2022) had achieved high US$ 15m while the 1 yr younger and BWTS fitted M/V Aquascope (174kdwt 2004 SWS//SS: 11-2026 & DD: 03-2025) achieved US$ 19,7m in early April 2022.
Post Panamax M/V Sicilian Express (93kdwt 2013 Cosco Dalian//SS & DD: 01-2023) was sold at the end of January 2022 for levels close to US$ 20m while the 1 yr older and BWTS fitted sister, M/V Hong Guang (93kdwt 2012 COSCO Dalian//Next DD: 04-2023) was sold at the end of April 2022 for US$ 23 million.
Tier II Kamsarmax M/V Sea Neptune (81kdwt 2013 Xiamen//SS & DD: 03-2023) had secured US$ 23m at the end of March 2022, while the same buyers took at the end of April 2022 the exact sister M/V Sea Hermes (81kwt 2013 Xiamen//SS & DD: 01-2023) at mid US$ 23 million.
Chinese built M/V SITC Lushan & exact sister M/V SITC Zhoushan (76kdwt 2013 Yangfan) both BWTS fitted & with next DD in end-2023 were sold at the end of April 2022 at US$ 22m each while in the early-April 2022 the younger M/V RIO GRITA (75kdwt Taizhou Kouan//Next DD: 02-2024)-BWTS fitted had achieved US$ 22,5m.
At the end of April 2022, Eco type Ultramax M/V Tomini Integrity (60kdwt 2016 Onomichi//Next DD: 12-2024)-BWTS fitted, got sold for US$ 33,5m basis a prompt delivery, while in mid-February 2022, the also Eco type M/V Ultra Excellence (61kdwt 2016 Tadotsu//Next DD: 09-2024)-BWTS fitted had more than 10 buyers chasing her and ended up being sold at mid US$ 31m basis delivery towards June 2022.
Supramax M/V Therese Selmer (56kdwt 2006 Mitsui//Next DD: 11-2024)-BWTS fitted has just obtained a price in the rgn of US$ 17m while the 1 yr younger sister vessel M/V Hai Long (56kdwt 2007 Mitsui//Next DD: 06-2023)- BWTS not fitted, was sold in beg-March 2022 for rgn US$ 16 million.
In the Handysize segment M/V Ionic Huntress (34kdwt 2012 Dae Sun) has reportedly been sold last week at US$ 19,5m basis SS/DD due and BWTS on order, while the exact sister vessel M/V Ionic Halo was sold at the end of March 2022 for slightly less than US$ 19m basis SS/D passed and BWTS fitted.
Moreover, M/V Seaster Empress (35kdwt 2011 nantong//SS: 11-2026 & DD: 01-2025)-BWTS fitted/Tier II, was sold in ear-April 2022 at US$ 16,5m while the also BWTS fitted/Tier II M/V Jin Da (35kdwt 2011 Nanjing Dongze//SS: 09-2026 & DD: 09-2024) is now rumoured sold at levels in the low-mid US$ 17m.
One could expect an increase in SnP Activity with the holidays ending and with various markets opening again.
Chartering (Wet: Softer / Dry: Firmer)
A very positive performance emerged in the dry bulk market for another week, with the Capesize sector outperforming the rest of its sizes. The BDI today (10/05/2022) closed at 2,939 points, up by 527 points compared to previous Tuesday’s closing (03/04/2022). The crude carriers’ market lost ground last week, with Asian demand hampering by the holiday period and the new Covid outbreak. The BDTI today (10/05/2022) closed at 1,167, a decrease of 66 points, and the BCTI at 1,442, an increase of 155 points compared to previous Tuesday’s (03/04/2022) levels.
Sale & Purchase (Wet: Firmer / Dry: Firmer)
The SnP market had a firm activity for yet another week, with the most secondhand sales coming from the wet market, and with the interest focusing mostly on the clean sector; in the meantime, the bulker sector noted a softer SnP activity compared to the previous week. In the tanker sector, we had the sale of the “ALMI STAR” (114,880dwt-blt ‘05, S. Korea), which was sold to undisclosed buyers, for a price in the region of $18.25m. On the dry bulker side sector, we had the sale of the “AMOY DREAM” (56,873dwt-blt ‘10, China), which was sold to Greek buyers, for a price in the region of $17.0m.
Newbuilding (Wet: Softer / Dry: Stable-)
Τhe LNG newbuilding activity remained strong last week, with a massive newbuilding deal signed by the Chinese CNOOC, while interest for the rest of the sectors remained limited. Starting with the LNG vessels, CNOOC, concluded a deal for twelve 174,000cbm units at a total worth of $2.42 billion. The vessels will be built by Hudong Zhonghua Shipbuilding starting from 2024 up to the end of 2027. In the bulk carrier sector, Taiwan Navigation announced an order of two 40.000 dwt log carrier bulkers from Namura shipyard, at around $32.0 million each, with the time of delivery remaining undisclosed. Interest for boxships was muted, yet with more than 180 newbuilding orders from the beginning of the year having already concluded, while no tanker newbuilding contracts materialized last week.
Demolition (Wet: Softer / Dry: Softer)
The demolition market witnessed another week of slow activity, as the ongoing Eid holidays across the Indian-subcontinent region coupled with steel prices decline amidst softer demand have pressured buyers’ appetite for fresh tonnage. As a result, we noticed a w-o-w decrease in offered levels across all the main demolition nations with bids now hovering in the mid $600/ldt. India is leading the price board for another week, yet with the most prominent steel plate price decreases materializing in its domestic market. At the same time, both Bangladeshi and Pakistani quiet markets activity persisted amidst the Eid holidays; trading activity may revive next week, revealing the actual intention of buyers for fresh acquisitions. However, fundamentals remain weak, as local currencies depreciation and steel prices fall are adding a further burden on breakers’ interest. On the other hand, with freight market performance across all the different sectors at significantly healthy levels, the demolition candidate list continues to narrow which will push breakers to reamend their bids upwards.

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