Saturday, October 31, 2009

FW: Sale and Purchase Market Report Vogt and Maguire Shipbroking Ltd

A relatively active week in the sale and purchase market with Buyers
focusing
mainly in handymaxes and supramaxes. Price levels have slightly reduced
compared to the prices achieved in July and August for similar tonnage. In
the
tanker sector no activity has been reported this week except four single
hull
units commited for demolition and heading to the sub continent.

Although in the newbuilding sector prices have fallen considerably the
market
remains depressed.

The demolition market has been quieter and prices have droped compared to
few
weeks ago which has also generated a number of renegotiations. Overall,
prices
for wet tonnage are ranging between USD 320 and 340 for Bangladesh and
prices
for dry tonnage are approximately 280 to 300 for Pakistan and/or India.


Name Type Dwt Blt Price Buyer
-------------------------------------------------------
Mineral Azalea Cape 170,000 99 USD 42.50 M Korea
Anna-Elisabeth Smax 55,518 08 - Undisclosed
Anna-Barbara Smax 55,100 08 - Undisclosed
Anna-Dorothea Smax 55,000 08 - Undisclosed
E. Duckling Hmax 53,587 06 USD 29.50 M Undisclosed
PL Star Hmax 53,074 03 USD 25.75 M Greece
Coral Globe Hmax 43,246 94 USD 35.00 M Russia en bloc
Sea Globe Hmax 43,246 85 '' '' '' ''
Yick Wing Hmax 42,943 83 USD 4.75 M China
Broadgate Hndy 35,287 84 USD 6.00 M Undisclosed
Imandra Hndy 32,813 85 - Undisclosed
Global Alliance Hndy 28,436 04 USD 20.75 M Russia
Clipper Lancelot Hndy 28,426 97 USD 14.25 M Undisclosed
Delta Salus Hndy 26,598 85 USD 5.30 M China
Gui Shun Bulk 18,380 79 USD 1.60 M Taiwan
Queen Stella Bulk 6,914 97 USD 5.20 M Undisclosed
Aslar Bulk 6,251 82 - Undisclosed

Freemantle Bridge 1064teu 16,567 98 USD M Undisclosed

Logan Reef 7,934 93 USD 10.00 M China (Auction Gib)
EW Snowdon Reef 6,386 84 USD 2.80 M China (Auction UK)

Thor Sailor Twee 16,248 86 USD 2.60 M Singpore

Demolition
==========
Pine Trader Bulk 7777/LDT 79 USD 270.00/ton India
EEC America Bulk 77 USD 295.00/ton Bangladesh
Gardenia Cont 80 USD 284.00/ton India
Msc Selin Roro 81 USD 282.00/ton India
Samaria Tank 11501/LDT 85 USD 330.00/ton Bangladesh
Trust Friendship Tank 17112/LDT 86 USD 330.00/ton Pakistan
Pedoulas Tank 14250/LDT 90 USD 340.00/ton Bangladesh
Produce Tank 7500/LDT 84 USD 323.00/ton Bangladesh
Front Sabang Tank 90 USD 325.00/ton Bangladesh
Thousand Sunny Twee 78 USD 250.00/ton China

(All details given in good faith but without guarantee)

Best regards
Vogt and Maguire Shipbroking Ltd / VARENCO PTY LTD

Sale and Purchase Market Report for the Week Ending 23.10.2009 FROM VOGT AND MAGUIRE

A relatively active week in the sale and purchase market with a considerable
number of sales to report. Chinese owners returning to a buying mood after
sometime and are targeting 90's built panamaxes. Vietnamese Buyers are also
becoming more active in the second hand market after concerns that local
shipyard Vinashin might delay some of their newbuilding orders.

At the same time there have been reports that Vinashin has won an order from
a
local Shipowner for 16 bulkers between 34,000 dwt and 56,000 dwt worthing
Usd
450 m.

Prices in the Indian sub-continent have come down and China is becoming more
competitive again with demolition prices ranging between Usd 260/270 per
LDT.
Bangladesh remains the leader in the wet tonnage continuing to offer the
highest prices. After the demolition of the VLCC 'Front Vanadis' there are
only
90 non double hull VLCCs still trading in the world fleet. It is expected
this
number will be further reduced by the end of the year.


Name Type Dwt Blt Price Buyer
-------------------------------------------------------
Dyna Auk Cape 151,220 90 USD 17.30 M China
Seawind Pmax 74,012 96 USD 23.00 M Vietnam
Global Challenger Pmax 73,000 96 USD 22.00 M China
Bintang Biru Pmax 71,927 83 USD 7.00 M Undisclosed
Ym Equality Pmax 70,252 96 USD 22.00 M China
Sejahtera Pmax 69,073 94 USD 18.50 M China
Fair Wind Pmax 69,058 95 USD 22.00 M China
Rosetta Hndy 29,099 84 USD 5.50 M Undisclosed
Rosella Hndy 28,900 05 USD 22.60 M Demark
Virginia Hndy 26,523 85 USD 4.50 M Undisclosed
Clipper Stamford Hndy 20,731 98 USD 12.50 M Undisclosed

Alder 797teu 9,865 00 USD 2.50 M Europe
Barbara 336teu 4,850 96 - Undisclosed

Ew Cook Reef 6,916 86 USD 1.07 M Auction Durban

Asian Chorus Roro 21,505 97 - Undisclosed en bloc
Asian Legend Roro 21,421 96 - '' ''

Stena Comfort Vlcc 258,096 92 USD 13.30 M Undisclosed
Northway Tank 151,910 89 USD 8.20 M China (conversion)
Sanko Quality Tank 95,628 93 USD 14.50 M Undisclosed
Bright Express Tank 42,235 93 USD 8.50 M Undisclosed
Baltic Serenity Tank 37,250 09 USD 27.20 M Greece
Baltic Solar Tank 37,250 10 USD 27.20 M Greece
Arabian Wind Tank 17,442 87 USD 2.13 M Singapore (Auction)

Demolition
==========
St. Georgios Bulk 7574/LDT 81 USD 285.00/ton India
Manila Star Bulk 8334/LDT 78 USD 270.00/ton China
Jurupema Comb 25066/LDT 77 - India
Manila Star Cont 4914/LDT 79 USD 270.00/ton China
Liguria Cont 78 USD 289.00/ton India
Astakos Tank 11427/LDT 86 USD 326.00/ton Bangladesh
Front Vanadis Tank 32664/LDT 91 USD 325.00/ton Bangladesh


(All details given in good faith but without guarantee)

Best regards
VARENCO PTY LTD / Vogt and Maguire Shipbroking Ltd

Tuesday, October 13, 2009

Rotterdam Rules - Following in the wake of Hamburg Rules

Why are important seafaring nations such as the United States, Norway, Denmark, Greece, France and the Netherlands are among the signatories of the new UN Convention 'Rotterdam Rules'. The Rotterdam Rules according to the nations in favour - will give world trade a boost considering that 80% of world trade is conducted by sea.

There is of course the argument that ....if the same law applies all over the world, this will facilitate international trade by making its underlying contracts and documentation more efficient and clearer.

Of course the more ground regulation tries to cover the more verbose it gets leaving the door open for misinterpretation and misunderstanding. The set of rules that cover Sea Carriage today Hague ( and As Amended Hague Visby) run through to 16 articles ( 17 for Visby) Whilst Rotterdam rules is almost thrice as voluminous ( (^ Articles ) as the Hamburg Rules.

The Rotterdam Rules aim bring more clarity regarding who is responsible and liable for what, when, where and to what extent when it comes to transport by sea.

For a very illuminating commentary on why countries should not ratify the Rotterdam rules see what the EMINENT EIGHT have to say about it

Francesco Berlingieri, Philippe Delebecque, Tomotaka Fujita, Rafael Illescas, Michael Sturley, Gertjan Van Der Ziel, Alexander Von Ziegler, Stefano Zunarelli, The Rotterdam Rules an Attempt to Clarify Certain Concerns that Have Emerged [.pdf], 5 August, 2009.

The international trading community is enormously resistant to change – so this attempt to get “ALL ABOARD” may not have a better chance than the jinxed Hamburg Rules. The Australian position is not clear yet – the debate continues.

Prof Nick Gaskell will be in Brisbane 28th October – addressing the issue from an Australian perspective.

Thursday, October 8, 2009

TIME CHARTER ASSESSMENTS AND PROJECT PROPOSALS

TIME CHARTER ASSESSMENTS AND PROJECT PROPOSALS

The Shipping industry's supposed transparency and very competitive market structure depends almost entirely on the broking houses both large and small publishing reports and data from a whole range of fixtures concluded or reported on the market. The quantity of data available is enormous whilst the quality is not as easy to assess.

Typically shipbrokers report that a vessel was fixed for a certain period for a certain rate on a spot basis . Other factors that ought to be assessed by the market in evaluating the fixture are

· Commissions including address commission

· Repositioning or ballast included to point of delivery into service

· Idle time between fixtures

· Special terms and conditions negotiated as part of the charter arrangement.

The net result of insufficient information is that the reported levels typically overstate the time charter value of a particular vessel.

If the typical values generated by market reports are used it is likely that the earnings potential of vessels is overstated and consequently preparedness to pay for second hand prompt tonnage.

More recently a few researchers have published studies that do some multivariate analysis to understand the nature of the market better – however at this stage the use of more sophisticated tools than time series analysis remains academic than normal business practice.

Newbuilding and financing projects too use static variables and a basic assumptions level not in our opinion reflective of the level of risk and volatility in the industry.

Consequently shippers at large have no option but to deal with a unpredictable and volatile freight solution. Industrial shipper reluctance to take a longer view results in opportunistic rather than planned investment in shipping – perpetuating the lead and lag of capacity and demand in the market.

There is a definte need for Shippers and Shipping Comapnies to work in collaboration to ensure that their longer term aspriations are met - Varenco works with shippers and shipping companies to produce robust long term outcomes which take advantage of the current state of the market.

Friday, October 2, 2009

UN ATLAS OF THE SEA

Contribute to and participate in the growing Atlas community by becoming an active Member of the UN Atlas today

 


Visit the UN Atlas of the Oceans Web site

Natural disasters have hit the Asia-Pacific region this week: the tsunami near Samoa Islands; Typhoon Ketsana striking The Philippines, then Viet Nam, Cambodia and Laos; and earthquakes in Indonesia. Recent lessons learned by international agencies, NGOs and local authorities are being put to practice in coordinated relief efforts. This year World Food Day (October 16) will focus on how to ensure food security in times of crisis. The global situation has worsened: the number of people suffering from hunger has been growing relentlessly in recent years, aggravated by rising food prices, climate change impacts and the economic crisis. FAO estimates that the number of hungry people could increase by a further 100 million in 2009 and pass the one billion mark. The fisheries sector alone is a source of livelihood, either directly or indirectly, for some 500 million people, most of them living in developing countries. While it is crucial to promote sustainable fisheries, people must also have adequate access to them in order to ensure food security -- see a special report The Missing Element to learn more. The World Summit on Food Security (November 2009) will gather leaders from around the globe to discuss and agree on key actions on tackling and facing the challenges of the current situation.

From the Editors of ATLAS OF THE SEA.

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