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Shipowners Investments Lower as Summer Lull is in Full Swing

It’s a trend which has emerged over the course of the past few weeks and seems to be carrying on through August as well, which shouldn’t come as a surprise. The lull in newbuilding ordering activity was to be expected, not only as a result of seasonal slowdown, but also due to the current trade war between US and China, which has damped expectations for a full-blown freight rate recovery. In its latest weekly report, shipbroker Allied Shipbroking noted that “as we move further into the month of August, expectations are for a lack of activity to hold as the summer lull takes complete hold. It is unlikely that we will see a strong volume of deals coming to light over the next two-three weeks, with most potential buyers likely to push back their decision to the start of Autumn. Yet despite this, things did show some sparks of life during the past week in terms of dry bulk tonnage, though a fair amount involved more specialized units rather than standardized design. It is worth mentioning that amongst these orders we witnessed a new contract being placed in a Chinese shipyard for at least 4 Kamsarmax vessels. Meanwhile, things are still holding relatively quiet in the rest of the main sectors, with the heating up trade tensions having shrouded the market with a cloud of deep uncertainty. A notable exception of this was in the containership sector a new order came to light for 10 Feedermax vessels from Taiwanese interests, possibly driven by the improving Intra-ASIAN trade that could well boost this size segment in the coming years”.

In a separate note, Clarkson Platou Hellas said that “in dry, COSCO Heavy Industries have taken an order at their Yangzhou facility (ex. CIC Jiangsu) from clients of Hermes Marine Management for a total of four firm plus four option 82k Kamsarmax. Delivery of the first vessel is due 2Q 2020 and the remainder of firm vessels through the year. A domestic order also to report with Zhuhai Port Shipping contracting two firm 12,500dwt bulk carriers at Wuhu Shipyard with delivery understood to be due within end 2019. Samsung have confirmed an order from Teekay for two 129,000dwt Shuttle Tankers. Both vessels are to be LNG fuelled with DP2 capability, and due for delivery end 2020 and early 2021. Hyundai Mipo is understood to have taken an order for a single 50,000dwt MR tanker from SK Shipping with delivery within end 2019. Similarly to dry, there is a small domestic order in China also to report with Ningbo Xinle announcing a contract from Zhejiang Xinyihai Chemical Transportation for a single 5,500dwt stainless tanker – with delivery due end 2019. It’s also been reported that NYK Line have added a second 174k LNG carrier to their existing order at Hyundai Samho – with the latest vessel for delivery end 2020”, the shipbroker concluded.

Meanwhile, in the S&P market, Allied Shipbroking added that “on the dry bulk side, things were relatively unchanged against what has been witnessed over the past couple of weeks. Activity still remains relatively slow compared to what we had become accustomed to during the early part of the year. A notable drop has already started to take shape in the older age groups across most size segments. Overall buying interest however continues to remain for more modern vessels while given the general upward trend noted in the freight market, we may well expect activity to increase further, especially in the Capesize segment were rates are still at an all year high. On the tankers side, despite being in the midst of the summer period, there was a sudden jump noted in reported activity this past week. Once again, this increase was mainly nourished by a fair amount of enbloc deals that took place. With all being said, the current increase in activity and buying interest may well start to feed a slow reversal in the general price trend that has been noted lately”.

Nikos Roussanoglou, Hellenic Shipping News Worldwide.

Published On August 09th,2018 @ !!!

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