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Tanker Orders Turn to Bulkers

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Tanker Orders Turn to Bulkers 4 TradeWinds 19 October 2007 www.tradewinds.no www.tradewinds.no 19 October 2007 TradeWinds 5 DRY BULK DRY BULK More older Dollar signs tankers set for Capesize market hopping Tanker Trond Lillestolen Oslo sizes from NS Lemos of Greece start to erase and says one of the ships, the conversion The period-charter market for 164,000-dwt Thalassini Kyra capesizes was busy this week (built 2002), has been fixed to old stigmas Trond Lillestolen and Hans Henrik Thaulow with a large number of long-term Coros for 59 to 61 months at Oslo and Shanghai deals being done. $74,750 per day. Gillian Whittaker and Trond Lillestolen Quite a few five-year deals Hebei Ocean Shipping (Hosco) Athens and Oslo The rush to secure dry-bulk ton- orders have been tied up. One of the has fixed out two capesizes long nage is seeing more owners look- most remarkable was Singapore- term. The 172,000-dwt Hebei The hot dry-bulk market is ing to convert old tankers. based Chinese company Pacific Loyalty (built 1987) went to Old- closing the price gap for ships BW Group is converting two King taking the 171,000-dwt endorff Carriers for one year at built in former eastern-bloc more ships, while conversion Anangel Glory (built 1999) from $155,000 per day and Hanjin countries. specialist Hosco is acquiring the middle of 2008 at a full Shipping has taken the 149,000- Efnav of Greece is set to log a even more tankers and Neu $80,000 per day. The vessel is on dwt Hebei Forest (built 1989) for massive profit on a sale of a Seeschiffahrt is being linked to a turn to charter from China’s Glory two years at $107,000 per day. Ukrainian-built supramax, the deal. Wealth, which just two months Far East players are dominating 52,000-dwt Flora (built 1993), BW Group has decided to con- ago fixed it for the same period at the period-charter market for the to an unnamed buyer for vert another two of its single-hull just $56,000 per day. Glory HEAVY RELETS Photo: Bloomberg News big bulkers. STX Pan Ocean has $46.5m. It was purchased 14 VLCCs into bulkers. Wealth stands to log a profit of fixed the 171,000-dwt Shagang years ago by another Greek The names of the ships are un- more than $61m on the back-to- ing from the Vafias group for five Sunrise (built 1997) for 20 company, Efshipping, as a re- clear but they could be sisters to back relet. years. The vessel is due for deliv- months at $135,000 per day. sale for just $16m. the 280,000-dwt Sebu (built bulkers South Korean charterers were ery from Daewoo in 2009 and is Cosco has taken the 173,000- In 1995, members of the Efs- 1993), which currently is under- also active. set to earn $58,000 per day (see dwt Jin Tai (built 2004) for one tathiou family, which is be- going conversion at Qingdao Bei- Some tankers on the design board will Daewoo has fixed an 180,000- story facing page). year at $155,000 per day and hind Efshipping and Efnav, hai Shipyard in China. Trade- dwt newbuilding, scheduled for Korea Line has also fixed a Bunge the 170,000-dwt Alpha amicably split their interests Winds is told that two more travel down the slipway as bulkers. delivery in 2009 or 2010, for five 180,000-dwt vessel due for deliv- Era (built 2000) for $152,750 per and the ship went to Efnav. VLCCs are to be converted at the years at $59,850 per day. Korea ery to Louis Dreyfus & Cie as late day. The small 103,000-dwt Bic The Flora was one of a large yard for delivery in June next Irene Ang Shanghai remain positive for some years to Line fixed an 175,000-dwt new- as in 2011 for 10 years at $37,000 Clare (built 1992) has been fixed number of bulkers built at the year. The vessels have been sold come. building due for delivery to Boci- per day or revenues of $133m by Deiulemar for 11 to 13 months Okean yard to an old design, from BW Shipping to BW Bulk in Tanker owners are looking to con- Brokers say the Vafias group of mar in the middle of 2009 for the over the charter period. at $95,000 per day. which previously meant they an internal deal. vert their newbuildings into bulk Greece and Gulf Marine are two same period at $57,000 per day Formosa Plastics has also been The spot-market rates for cape- were valued substantially low- BW Bulk is expanding its fleet, carriers to cash in on the rates of the shipowners that have and a 180,000-dwt vessel due for busy and has booked the 146,000- sizes have been quiet and a bit er than similar bulkers built in which, excluding the latest ac- boom in dry cargo, with at least firmed up the conversion of two delivery from Daewoo Shipbuild- dwt Cape Providence and Dong- volatile this past week but stood South Korea and Japan. quisitions, consists of 14 units be- five yards being approached for VLGC newbuildings at Daewoo ing & Marine Engineering at the A Helios (both built 1987) for at $180,800 per day as High demand has changed tween 172,000 dwt and 364,000 changes to contracts. (see story below). The two compa- end of 2009 at $59,000 per day. three years at $68,000 per day. TradeWinds went to press, some the situation. Last week, the dwt. It includes two newbuild- Market sources say South Ko- nies are believed to be paying an The Korea Line is also said to US-listed Diana Shipping con- $1,800 per day higher than one one year younger, but smaller ings at Imabari Shipbuilding, a rea’s Daewoo Shipbuilding & Ma- extra $20m per vessel for conver- have fixed a capesize newbuild- firmed the purchase of two cape- week ago. Japanese-built 45,000-dwt 180,000-dwt vessel due for deliv- rine Engineering, Hyundai Heavy sion. Matira (built 1994) was report- ery in 2008 and a 206,000-dwt Industries, Hanjin Heavy Indus- A European owner that has two ed sold for $47m. unit to be handed over in 2009. tries, Japan’s Sasebo Heavy In- 114,000-dwt aframax tankers on Asian players ride panamax market In November last year, a sis- Another VLCC that appears set dustries and China’s Jiangsu order at Hanjin Heavy Industries tership to Flora, the Prex (built for conversion is the single-hull Rongsheng Heavy Industries for delivery in 2010 is also said to Cosco of China appears to have Ming has fixed the 74,000-dwt day. The same charterer has also 1993), went to Greece’s MFS 284,000-dwt tanker Front Group have been asked to convert have plans to change the vessels made a solid profit in reletting a Calm Seas (built 1999) for 21 to taken the 50,000-dwt Merlin Shipmanagement for $23.3m. Duchess (built 1993), which has very large gas carriers (VLGCs), into capesizes. However, Hanjin panamax bulker it took on charter 23 months at $67,000 per day. (built 2001) for 24 to 26 months at The Flora is one of six sis- been sold by Ship Finance Inter- suezmax and aframax tankers is said to be reluctant to make the earlier this year. A one-year charter has been $53,000 per day. ters taken by Efshipping as re- national. into capesize vessels. contract swap and discussion on The 76,000-dwt CMB Italia concluded by Pioneer Naviga- A couple of one-year deals sales for between $16m and Brokers suggest the vessel has “The spot rate for capesize the conversion is incomplete. (built 2005) is said to have been tion, which has fixed the 76,000- have been concluded. Parkroad $19m each. Three remain with been sold for $55m, possibly to ships is at the historical high and Over at Hyundai, one Greek relet to compatriot owner Trans- dwt Anthemis (built 2004) for 11 took the 55,000-dwt Tai Hunter Efshipping. Efnav operates the Neu Seeschiffahrt in Germany, when these tanker owners con- owner is also said to have also field for 31 to 36 months at to 13 months at $80,000 per day. (built 2007) at $71,750 per day 52,000-dwt Captain George II which is a competitor to BW Bulk vert their newbuildings into switched two suezmax tanker FROM WET TO DRY:A Chinese yard welder takes a break in Shenzhen. Photo : Bloomberg News $65,000 per day. Cosco fixed the The spot market for panamaxes and a South Korean charterer (built 1994) and Mastro Gior- in the market for large bulkers. capesize vessels, they can easily newbuildings into capesize vessel for three years at the begin- stood at $88,000 per day as fixed the 52,000-dwt F Duckling gis II (built 1995). The price is considered firm, as sell them for good money,” said a ships. The identity of the ship- newbuildings into capesize ves- end of 2010, has also changed the proached by owners of suezmax ning of the year for just $23,500 TradeWinds went to press, as (built 2000) at $62,500 per day. Efnav also has four 75,000- similar tonnage was sold for less market observer. ping company is unknown. sels but we did not agree to that crude-oil tankers into 180,000- tankers to switch their newbuild- per day.
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