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Markets > Market Reports > S&P Tankers > A reassuringly high level of activity this week... Archive:
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A reassuringly high level of activity this week...

17 December 2012

As the tanker market enters what should be the pre-Christmas lull, there is an unusual yet reassuringly high level of activity for this time of year. Vessels across the spectrum are being heavily inspected and prices in some segments are actually firming giving optimism for 2013, following a very subdued 2012. It should be noted that we are talking purely in sale and purchase terms here, as we all recognise that there are still challenging times ahead, particularly on the chartering markets. However, the fact that some of these values are improving will hopefully give a little respite to some of the day-to-day pressures that owners have been facing over the last couple of years.

Friday is fixing day and NYK, having invited offers for COB Tokyo, were at the time of writing very close to committing their LR2 “CHAMPION PRIDE” (99,997 dwt, built Samsung H.I., 1998) which has been negotiated in time for the weekend and in the traditional Japanese style. The vessel will be sold for over $10m but just how close NYK get to the $11m mark will depend on the competition generated from the healthy number of prospective buyers who inspected the vessel in Singapore. The vessel has historically traded clean petroleum products and the level of interest in her reflects the high demand for product tankers at the moment.

In the specialised tanker market, with the holidays fast approaching, we are starting to see a slowdown in sales activity, and in turn purchasing interest. This has been fairly evident throughout the week as it would seem potential buyers are willing to “wait it out” until the New Year. The major sale concluded this week was the marine line coated “LADY OZGE” (6,100 dwt, built Sahin Celik, 2011) which was sold to clients of Turkey based Ditas Shipping for $14m. This is the third vessel that the joint venture between Opet and Ditas has purchased recently. It is understood that all three vessels have a long term employment in place, trading jet fuel for a subsidiary of Turkish Airlines. This activity has been further complemented by the latest auction of two modern vessels. The marine line coated “NATASJA” (4,318 dwt, built Gisan Shipyard, 2005) has now been sold to a financing bank by auction. Also the same owners sold, again via auction, the epoxy coated “AMALIA” (6,450 dwt, built Nanjing Shenghua, 2007) to a financing bank. The final price level achieved remains unknown for the time being.

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