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BDI fredag 03.07.09 -152 pkt.

14677 fcras 3/7 2009 16:14

Baltic Exchange Dry Index 3520 DOWN 152

BCI Baltic Exchange Capesize Index 6438 DOWN 410
BPI Baltic Exchange Panamax Index 3027 DOWN 32
BSI Baltic Exchange Supramax Index 1718 UP 9
BHSI Baltic Exchange Handysize Index 749 DOWN 1

3/7 2009 19:59 fcras 014703

The dry cargo market has ended the week on a quiet note with an absence of capesize fixtures and panamax rates under pressure.


Primerose Shipping’s 77,000-dwt Thor (built 2005) is to make a South America to Far East voyage for undisclosed charterers for $38,000 a day plus a ballast bonus of $850,000.

Bunge fixed Excel’s 82,000-dwt Iron Lindrew (built 2007) for two laden legs out of South America with redelivery in Europe for $32,500 a day plus a ballast bonus of $625,000.

Cargill is paying $30,000 a day to Clipper to relet Capital Management’s 74,000-dwt Salandi (built 1999) for a transatlantic round trip out of Europe.

Dreyfus fixed Golden Ocean’s 74,000-dwt Golden Shadow (built 1997) for an Argentine to China delivery for $28,000 a day plus a ballast bonus of $730,000.

Oldendorff has secured a 76,000-dwt Imabari newbuilding for a maiden voyage to the North Pacific and back to the Far East for $22,500 a day.

Globus Maritime’s 73,000-dwt Tiara Globe (built 1998) is to make a China – North Pacific – Far East voyage for $20,000 a day for undisclosed charterers.

Good Faith’s 64,000-dwt Azure (built 1982) is off on an India – South America – Middle East trip for undisclosed charterers for $20,000 a day.

Richstone fixed Hosco’s 76,000-dwt Hebei Arrow (built 1985) for a return voyage from China to the Black Sea for $16,500 a day.


Jinhui’s 51,000-dwt Jin Ping (built 2002) was hired by Energy for a Central America to Eastern Mediterranean voyage for $27,750 a day.

Copenship fixed Parakou’s 46,000-dwt Great Majesty (built 1998) for a Norway to Eastern Mediterranean voyage at $26,000 a day.

Norden hired Johann MK Blumenthal’s 55,000-dwt Anna-Elisabeth (built 2007) for two or three laden legs from delivery in Newark at $23,000 a day.

Fairweather’s 47,000-dwt Top Rich (built 1998) is to make a Gulf of Mexico to South America voyage for undisclosed charterers for $20,000 a day.

Undisclosed charterers fixed Intresco’s 50,000-dwt Santana (built 2001) for an India – South America – Far East voyage at $19,000 a day.

SRC Pan Ocean has taken MMS’ 56,000-dwt Sibulk Initiator (built 2007) for an India – South America – Far East trip for $18,500 a day.

STX Pan Ocean fixed Thenamaris’ 45,000-dwt Eleoussa (built 1994) for a China – West Africa voyage at $7,500 a day.

By Jim Mulrenan in London
Published: 13:40 GMT, 03 jul 2009 | last updated: 13:44 GMT, 03 jul 2009

4/7 2009 13:30 fcras 014749


Saturday, 04 July 2009

Another volatile week with the indices fluctuating widely but ending the week on a weaker note, especially for the panamax/capesize market dragging the BDI down to just above 3,500 points............. link

- ovenstående og andre links til news i bulksektoren er på:

- have a nice weekend

4/7 2009 13:49 fcras 014750

Chinese shipbuilders lose 4.39m dwt in cancelled orders

Saturday, 04 July 2009 03:23

Some 152 new shipbuilding orders - equivalent to 4.39m deadweight tonnes - have been cancelled between October and May in China, according to the China Association of the National Shipbuilding Industry (CANSI).

The number accounts for 2.3% of China's shipbuilding order backlog, CANSI says.

CANSI indicates that the final cancellation figure could be higher because some shipbuilders have been reluctant to admit that they have had orders cancelled. However, CANSI says the number is unlikely to surpass 5%.

Shipbuilding market watchers fear the problem could worsen this year as the ocean freight market remains weak. Further, Chinese shipbuilders are receiving few orders with the current order backlog due to run out by 2012 unless the market improves.

CANSI believes overcapacity will become more obvious after 2011, and this could potentially lead to one-third of China's shipbuilding capacity becoming redundant.

Steel News notes that China received only 1.18m dwt of new shipbuilding orders between January and May, down by 96%. Meanwhile, order backlogs at Chinese shipbuilders totalled 19.23m dwt at end-May, down 6% from the start of 2009.

4/7 2009 16:19 fcras 014757

Ship seizures expected to rise

Saturday, 04 July 2009

Financially troubled shipowners could be facing a wave of ship seizures after two high-profile foreclosures suggested financiers' and creditors' patience was wearing thin.

Seizures are expected to increase over the year as shipowners struggle to pay shipbuilders' instalments due on new vessels .

However, the extent of seizures might depend on whether a recovery in the rates earned by dry bulk ships, one of the most troubled sectors, is sustained.

Sweden's Nordea Bank last week announced it had sold 13 ships seized from Eastwind, a refrigerated ship operator, to Monaco-based Sammy Ofer, one of the world's most powerful shipowners.

The same day, New York-listed Navios Maritime Holdings said it had bought four new Capesize dry bulk ships - the largest kind - which had been seized to cover their original owners' debt while under construction at a South Korean shipyard.

Last week's transactions came after a long period when such drastic action by banks had been quite rare .

Tim Coffin, a senior manager at M2M Management, a shipping fund, said recent events had marked a watershed. "Last week was the first . . . public, transparent foreclosure of a fleet of ships," he said. "Banks are under increasing pressure and there's only one way it can go. Foreclosures are inevitable."

Observers have been waiting since most shipping markets collapsed last autumn for banks to start acting robustly with shipowners unable to keep up payments on their debts.

Large-scale ownership of vessels by banks was a feature of previous shipping downturns. The forced sale of ships by banks also tended to reduce values further, allowing the few owners with funds to build up fleets ready for the upturn.

However, Andi Case, chief executive of Clarksons, the world's largest shipbroker, said banks were typically arranging to sell ships on before seizing them, as in the Eastwind and Navios transactions.

Mr Case expected more seizures as owners struggled to meet the payments due for expensive vessels ordered in 2007, towards the height of the shipping boom.

Harry Theochari, head of the shipping group at Norton Rose, the London law firm, said some owners had reached "the end of the line" in talks with banks. In some cases, banks were acting after smaller creditors, such as fuel suppliers, were seeking ships' arrest.

"Banks really don't want to foreclose if they can possibly avoid it," he said. "Some banks are being left with no option at all."

However, Michael Bodouroglou, chief executive of New York-listed Paragon Shipping, expected more foreclosures but said some owners had been saved by the recent rise in earnings for dry bulk ships .

"The moment of truth will have to come for people," he added. "But that will depend on the market."

Source: Financial Times

5/7 2009 16:31 fcras 014771

Sunday, 05 July 2009

Alongside the plummeting orders , China's shipbuilding industry is suffering another headache: shortage of funds.

The country's ship builders received 1.18 million deadweight tons (DWT) of new orders in the first five months this year, a decrease of 96 percent year-on-year, according to statistics from the Ministry of Industries and Information Technology (MIIT).

Meanwhile, orders of 55 vessels, or 2.32 DWT, were canceled during the same period, about 1.2 percent of the industry's total holding orders as of the end of May, said the ministry.

"The (world's) shipbuilding industry may face a financial gap of US$300 billion in the next four years, with Chinese ship builders awaiting US$60 billion to tide over the plight," Gao Zefeng, a senior credit manager with The Export-Import Bank of China (China Eximbank), was quoted by the 21st Century Business Herald as saying.

As a policy bank led by the State Council, China Eximbank is the country's first lender for ship builders, with loans for the shipbuilding sector accumulated to 102.46 billion yuan (US$14.99 billion) and US$7.45 billion, according to the paper.

"We come up and lend to the top 20 ship owners overseas, in an effort to make them order ships in China", said Gao.

And his bank will also lend to ship builders at any phase of the building process, provided they are qualified under the bank's evaluation.

Unlike the Eximbank's vigor in lending, most domestic banks are cautious, even as the country's top economic planner vowed to fund the industry in early June.

An insider from ICBC, the world's largest by deposit, said that loans are made on consideration of risks, instead of governmental policies.

"One barometer for risk control is that ship builders have orders on hand", said another insider.

Judging by released information, only Jiangsu Rongsheng Heavy Industries Co, the country's biggest private shipbuilder, got 11.25 billion yuan in credit line last month, after secure an order to build four vessels for an Oman client.

"The holding orders for domestic ship builders may sustain their production until 2012, but credit support would be crucial for them survive the downturn", said Zhang Guangqin, president of China Association of the National Shipbuilding Industry (CANSI).

To aid the weakening industry, a 20-billion-yuan industry investment fund is forging in Tianjin, which would aid in equity investment, ship leasing, supporting mergers and acquisitions among shipyards and purchasing vessels that are cancelled by buyers.

And others are seeking different ways out.
Zhoushan Jinhaiwan Shipyard Co Ltd, a Zhejiang-based private ship builder, sold 50 percent of its stake to Grand China Logistics Group for 3.2 billion yuan last month, and as part of their cooperation premises, the latter will order 30 vessels in turn.

Meanwhile, in the face of the credit crunch, some ship builders are said to resort to the ship-breaking business.

"The breaking of used vessels may also spur ship owners demand for new ones", said Gao Yanming, president of Hebei Ocean Shipping Co, Ltd.

Source: The China Post