The bulk of the newbuilding orders placed so far in 2022 appears to be for LNG and container ships, which offer quite positive funadmentals at the moment. In its latest weekly report, shipbroker Allied Shipbroking said that “the shipbuilding market continued to show momentum for yet another week, given the firm number of fresh projects coming to light. This, at the same time, can be seen as a mere reflection of the fervent containership market, with numerous orders being placed as of late. Moreover, given that we see buying appetite being distributed amply across the different size segments of different specs, we can expect this market to continue supporting the overall shipbuilding market in the near term. On the other hand, the dry bulk sector appeared softened as of late, that came as a slight surprise (to some extent), given the recent trend from the side of earnings and the general bullish sentiment surrounding this particular

market. It seems as though, that we can anticipate some interesting deals appearing on the horizon. In other core sectors, the tanker market appeared sluggish as well, with just a couple of new orders for smaller dwt units being reported”. 

In a separate note, Banchero Costa added that “LNG and container orderbooks continue to grow, filling the headlines of our NB report this week as well, with rising prices and later deliveries. In the container market, more feeder was ordered, again Korean yards got the preference. Hyundai Mipo got 3 x 1800 teu feeder priced at $34.4 mln from Euroseas, delivery 1H 2024 and 2 x 1800 teu at similar price of $34.6 mln by EPS for same delivery 1H 2024.

ONE (Ocean Network Express) is working on a project for 10 x 13,000 teu which will be likely be distributed equally to Imabari in Japan and Hyundai in South Korea; the 

deliveries are expected from mid 2025, no price reported for the order. LNG Korean shipyards are busy on the LNG front, 3 x 200,000 cbm orders were placed at Daewoo at a reported price of $236-237 mln range each for delivery by end 2025. Order placed by Venture Global LNG. Same building yard Daewoo got options declared by BW LNG for 2 x 174,000 cbm for a price of $215 mln basis dely end 2025, pulling the firm order to a total of 6 units”, the shipbroker noted.

Meanwhile, in the S&P market, Allied said that “on the dry bulk side, things shifted towards a stronger pace as of the past week, given the fair number of units changing hands. Thinking about the general bullish sentiment characterizing the market for a prolonged period now, this has come hardly as a surprise. At this point, we see though that activity is concentrated on the smaller size segments, especially for Handysize vessels.

This, at the same time, seems attuned from the recent trends seen from the side of earnings. All-in-all, given the general turmoil in global markets, we may witness a more volatile market take hold in the near term. On the tanker side, the sluggish SnP market continued during the past week as well, with very limited number of transactions coming to light. This, on the other hand, seemed inline with the recent corrections noted in terms of freight rates. It is true that the general market’s uninspiring momentum during the past couple of years or so, can hardly support a more robust sales market at this point”.

Banchero Costa added that “in dry bulk, it has been reported that undisclosed Buyers purchased the M/v Jin Fan 92,500 dwt Blt Jinling at auction for a level of $18.62 mln. 2 Kamsarmaxes Japan blt reported sold: M/v Majestic Sky 82,000 dwt Blt 2014 Tsuneishi for $31.5 mln and M/v Azur 82,000 dwt Blt 2007 Tsuneishi reported sold for $20 mln.

Clients of Meadway Shipping purchased the Ultramax M/v Nicon Fortune 63,000 dwt Blt 2019 Shin Kashado for $36 mln. 2 old supramaxes reported sold last week: M/v Shangrila 52,300 dwt Blt 2001 Tsuneishi reported sold for $12.75 mln and M/v Lucky Sea 52,000 dwt Blt 2005 Yangzhou Dayang for $12 mln. Wet MR M/t Maersk Tokyo 46,000 dwt Blt 2016 Sungdong reported sold to undisclosed at $31 mln, while 2 x 13,000 dwt Marine Line coated M/t DL Aster 2007 and DL Violet 2008 both ble 21st Century reported sold to Vietnamese Buyers at respectively $4.8 and 5.0 mln. Japanese financiers purchased 2 x 82,400 cbm LNG Carriers. Vessels are blt in Daewoo 2015, scrubber fitted. The purchase is based on 9 yrs charter back with purchase option from year 2025 on bb basis. Purchase price is $70 mln per unit”, the shipbroker concluded.

Marex Media