Greek owners continue bulker buying spree in September

bulker

Greek shipowners continued to invest heavily in secondhand dry bulk ships in September, purchasing 20 out of a total of 40 vessels that changed hands last month, according to data released late Wednesday by Greek sales and purchase shipbroker Golden Destiny.

The Greeks’ purchase of 20 secondhand vessels in September marked a 5% drop from 21 ships bought in August, but a fourfold increase from September 2014.

The total amount invested by the Greeks in September was $345 million.

In comparison, Chinese shipowners bought three secondhand bulk carriers in September, down 25% from August and down 40% from September 2014.

The total of 40 vessels bought by shipowners globally this past September represented a 20% drop from 50 ships changing hands in August, but marked a 3% increase from 39 ships bought in September 2014.

FEWER SHIPS DEMOLISHED

Meanwhile, the scrapping of dry bulk tonnage in September was down both month on month and year on year, Golden Destiny said. In September saw 13 dry bulk vessels were scrapped, down 35% from 20 units in August and down 62% from 34 in September 2014.

According to shipping sources, this decline was in part due to a bullish dry freight environment this past summer, allied with what tends to be a quiet period in the scrapping industry because of monsoon season in South Asia.

Indian scrap yards dealt with 39% of vessels demolished this past September, scrapping six ships, while Bangladesh, with a 21% share of the total demolition activity, dealt with three vessels.

According to Golden Destiny, out of the 13 ships demolished in September, four were very large ore carriers, three were Panamaxes, four were Handymax units, while two fell within the Handysize category. The 13 dry bulk vessels demolished in September amounted to 1,087,089 dwt, Golden Destiny data showed.

Source: Platts

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