Baltic Exchange Dry Index 3455 DOWN 56
BCI Baltic Exchange Capesize Index 5602 DOWN 222
BPI Baltic Exchange Panamax Index 3412 UP 46
BSI Baltic Exchange Supramax Index 2080 UP 18
BHSI Baltic Exchange Handysize Index 854 UP 5
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21/7 2009 15:40 fcras 0
15570 Monday, 20 July 2009 19:32
To resolve severe fleet oversupply situation waiting to happen, shipowners will have to think seriously about scrapping their older ships.
According to figures from Drewry Shipping Insight, during the first half of the year, a total of 7.4 million dwt of dry bulk carriers was scrapped.
Although during May a total of 1.2 million dwt was scrapped, June proved slack, as just 269,000 dwt of ships exited the market.
It seems that shipowners are baffled over what stance to adopt regarding their older ships. Nevertheless, demolition numbers need to become even higher in the future. This is because, as market observers are reporting, the deliveries of newly built vessels have been picking up lately.
Thankfully, according to figures from SSY show, the balance between the global fleet's additions (deliveries) and deletions (demolitions) was just two vessels. In other words, after taking into account all ships of all types which entered (202 in total) and left the fleet (200), just two vessels were added.
The handysize segment was left with 85 ships less from the beginning of the year until the end of May, with 55 additions and 140 deletions. This is expected to change soon, given that many yards are now picking up their pace of deliveries, a process which will intensify as the year nears to its end.
At the same time, cancelled contracts do not necessarily mean that the respected vessels will not be built.
Instead, according to recent quotes from officials of the Italian classification society RINA, many cancelled contracts are bought by Chinese shipowners, which are taking advantage of the lower prices of the contracts.
http://www.vinamaso.net/news-events/shipbuilding-repair/scrapping-plummets-fleet-supply-soars.html
21/7 2009 16:58 fcras 015572 Five year haul
Voyage charter rates and the index may be going in the wrong direction in the capesize sector but an Italian newbuild scooped a handsome rate for a five-year stint.
Panamax voyage rates also softened after recent firmness as there was more activity in the Pacific than the Atlantic.
Capesizes
Minmetals has tied up a 176,500-dwt newbuilding out of the Far East in the first half of next year for five years at $31,500 per day.
Panamaxes
United paid a stiff $34,000 per day for between four and six months with the 75,600-dwt Ligari (built 2004) with delivery in Europe.
This was against the $22,500 a day Oldendorff spent for the same period with the 76,900-dwt Ascanius (built 2004) starting from China.
Cargill has the 69,300-dwt Energy (built 1996) for about four months also from China this month at $21,000 per day.
Russia’s Suek booked the 76,300-dwt Maritime Baqui (built 2006) for a roundtrip from Western Europe to Murmansk at $36,000 a day.
Turkey’s Cerraghil spent $31,500 a day and $600,000 in ballast bonus for the 73,600-dwt Pacific Eagle (built 2004) to hop from the US Gulf to the Black Sea.
Numbers were generally weak in Asia with Seawin spending $24,000 on an India-China trip with the 64,900-dwt Gem of Haldi (built 1982) and STX Pan Ocean $21,000 on an almost reverse itinerary with the 74,800-dwt Samjohn Amity (built 1998).
PCL booked a paid of Asian voyages spending $24,250 on the 76,600-dwt Fair Lady (built 2005) and $22,000 on the 83,100-dwt Orange Truth (built 2006).
Supramaxes
There were two trips from India to China and both showed a clean pair of heels.
The 58,800-dwt Emmanuel C (built 2005) got $33,000 and the 56,000-dwt Ikan Serong (built 2006) $30,000.
By Eoin O'Cinneide in London
Published: 13:37 GMT, 21 jul 2009 | last updated: 13:37 GMT, 21 jul 2009
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