Greek owners are again absent from the secondhand market, while they continue their newbuilding investments in Chinese and
Korean shipyards. In the bulk carrier segment, Navarone placed an order for two handysize units of 33,000dwt in Chinese yard
Yangfan Group for delivery in the end of 2012 at an undisclosed contract price. The vessels are likely to be chartered to
CANFORNAV, Canada for Great Lakes trade. Eurobulk is said to be in discussions with a South Korean yard, Ulsan based
Hyundai, for five 5,000 TEUs units for delivery in 2013, at a total estimated price of $300 mil. In the gas tanker segment,
Thenamaris has extended its LNG order placed in July for two 160,000 cu.m units in Samsung H.I. by adding one more unit for
delivery in 2014 at a price region $200 mil.
Overall, the newbuilding business is up by 312.5% in comparison with the buying momentum in the secondhand market, while the
demolition activity is standing 44% higher than the volume of secondhand purchasing activity. It seems that the high scrapping
momentum will continue to grow as scrap prices keep their firmness and freight market conditions appear to support the scrapping
decisions of the owners till the end of the year. The week closed with 39 transactions reported worldwide in the secondhand and
demolition market, posting a 4.9% decline from a similar week in 2010 when 41 transactions had been reported and secondhand
ship purchasing activity was 19.4% lower than the ordering business. The highest activity has been recorded for one week more in
the newbuilding market with 66 fresh orders reported worldwide.
Source: Golden Destiny