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BULK - Dry cargo demand expected to increase

28415 fcras 22/4 2010 08:35

Dry cargo demand expected to increase, favoring higher freight rates

Thursday, 22 April 2010

Increased dry bulk cargo demand is expected to become the norm in the coming weeks and months, according to analysts, which in turn should sustain firmer freight rates for bulk carriers.

This could also explain not only the positive stance that ship owners have been exhibiting lately, but also their urge to acquire more dry bulk carriers from the second hand market, with a record of 157 ships traded during March, according to brokers' reports.

Still, those factors haven't yet been translated through the Baltic Dry Index (BDI), which is moving rather lethargically during the past couple of weeks. Yesterday's session saw the index at 3,009 up by 11, with the Capesize market rebounding, while the Panamax segment was retreating.


22/4 2010 08:39 fcras 028417

Dry bulk ship consolidation to gather pace

Thursday, 22 April 2010

Growing oversupply in dry bulk shipping is creating buying opportunities for companies to pick up vessels at lower prices with fleet consolidation set to gather pace, a senior ship industry official said.

While demand for commodities is picking up as the world economy recovers, the shipping sector is struggling to absorb growing vessel supply.

Clay Maitland, managing partner with the Marshall Islands Registry**, the world's third largest open ship registry, said some operators were set to benefit from the soft conditions in the dry bulk sector.

''A lot of operators who have the cash are now looking at expansion -- there are a lot of bargains out there,'' he told Reuters in an interview.

''It is a good time to buy tonnage in the dry bulk market.Values are low, prices are low,'' he said.

''We are going to have a lot of tonnage.''

Greek ship owners are among players gearing up for expansion aiming to snap up vessel assets at lower prices.

Dry bulk company Paragon Shipping*** is among shipping groups that have already announced vessel purchases in recent days.

The value of a five-year-old capesize vessel, the largest size of dry bulk ship, has fallen to around $60 million from as much as $180 million in 2008 before the downturn, Baltic Exchange data showed.

Maitland said conditions for some shippers in the sector was likely to get tougher.

''There are some operators who are going to do very well because they have already locked in contracts for the carriage of grains and also iron ore and almost all dry bulk commodities,'' he said.

Source: Reuters

Marshall Islands Registry**

Paragon Shipping***


22/4 2010 19:52 fcras 028429

Bulkers go long term

The period market continued to firm on Thursday with Classic Maritime once again getting a capesize long term.

A pair of charterers relet panamaxes a day after taking them on two-years deals but they had differing fortunes.

The panamax voyage market is also awash with fixtures but rates are not booming.


Capesizes (index 22.04 10 > 27.798 USD/day)

Classic spent $31,500 a day booking the 177,000-dwt newbuilding King Ore from Japan next month for around two years.

Oldendorff has been very active picking up all kinds of tonnage in the last month and the German returned for the 180,400-dwt Ocean Lady (built 2009) from Brazil to the Persian Gulf at $42,000 a day plus a bonus of $1m.

Other trades are weak still, however, and Uniwell only had to come up with $20,000 for the 197,100-dwt Diamond Warrior (built 1984) from China to India and back.

Panamaxes (Index 22.04.10 > 30.671 usd/day)

Aquavita only got the 76,700-dwt Nord Luna (built 2009) this week for two years at $26,000 a day but has now relet it to Norden for four to six months at $35,000 a day. The Dane has an option to go for the same period again at $31,000.

By contrast Daelim snapped up Diana?s 73,700-dwt Clio (built 2005) for $25,000 a day yesterday for two years but has relet it to Daeyang for the same rate for a year.

Elsewhere in the period market Richstone spent $20,000 a day on a year with the Aldebaran (built 1987) from China soon.

A voyage from the Med to Brazil and the Persian Gulf has commanded $40,500 a day with the 73,600-dwt Omegas (built 1997).

But this was rivalled by the $40,000 a day Noble spent on a lift from India to China with the 74,100-dwt Yong Tai (built 2001). Similarly the 75,100-dwt Spartia (built 2000) will do the latter voyage at $38,000 a day.

Eitzen and Practica each booked Atlantic roundtrips at $33,000 a day, the former getting the 82,800-dwt Filomena Lembo (built 2006) and the latter the 75,700-dwt Ocean Lion (built 2005).

Similarly GMI has the 77,100-dwt GB Corrado (built 2008) from Europe to the US Gulf, Brazil and Med at $32,000 a day. The fixture is a relet from Deiulemar, the Italian paying $30,750 a day for 11 to 13 months just last week.

Norden has the 71,300-dwt North Princess (built 1996) for an intra-Southeast Asian itinerary at $33,500 daily while Oldendorff heads from there to Australia and India with the 74,300-dwt Navios Magellan (built 2000) at $32,000 a day.

A roundtrip between the Far East and Australia set one charterer back $31,250 a day with the 76,300-dwt Mulberry Wilton (built 2004).

Supramaxes (Index 22.04.10 > 27.630 usd/day)

Period rates held up here tow with one charterer spending $20,000 a day for two years with the 58,000-dwt newbuilding Doric Victory.

A year with the 52,300-dwt Favorita (built 2005) cost STX Pan Ocean $22,000 per day.

And a Deiulemar newbuilding was fixed out of Japan in June for 20 months by Essgo.

The voyage market saw some strong rates with Fayette spending $43,000 a day for the 53,000-dwt newbuilding Haami from the Black Sea to Southeast Asia.

A Med-Us Gulf-Japan spin set one charterer back $37,000 per day with the 55,500-dwt Vega Rose (built 2007).

Prime East has the 58,100-dwt Aventicum (built 2010) from India to China this week at $33,000. The same voyage cost SKS International $23,000 a day with the 43,400-dwt Pacific Vigorous (built 1993).

A similar trip cost Jaldhi $28,000 a day with the 58,800-dwt Lowlands Patrasche (built 2007) but starting from Bangladesh.

By Eoin O'Cinneide in London
Published: 12:52 GMT, 22 Apr 10 | updated: 12:52 GMT, 22 Apr 10