HANSA 10-2017

Orders & Sales
New Orders Container
While in August rumor already
had it, the orders of record
container vessels by two
top-notch liner operators were
confirmed in September. The
letters of intent we reported on
in our previous issue have been
signed by CMA CGM and Chinese
shipyards Hudong-Zhonghua
Shipbuilding and Shanghai
Waigaoqiao Shipbuilding
at the beginning of September.
The nine 22,000 TEU container
vessels are scheduled to be
delivered from 2019 onwards.
Meanwhile Korean shipbuilder
DSME stated that it signed
contracts on the construction
of five 22,000 TEU container
vessels with a European
carrier. Though by the time
orders by CMA CGM and MSC further
testify to the continued appetite for this
type of capacity although the ripple effects
on charter demand remain to be seen.
Surprisingly, conventional panamax
tonnage has seen quite a fixing spree and
rate improvements over the past months
although charterers now seem to adopt a
more cautious approach as volumes seem
to have peaked. Nevertheless, the facts
are quite stunning: Spot/prompt supply
of panamaxes including laid up ships
fell sharply from 34 in July to 13 ships in
mid-September. At the time of writing,
rate levels in Asia were hovering around
9,000 $/day.
Below 4,000 TEU, tonnage demand
has been quite brisk as well, especially for
gearless 2,700/2,800 TEU units and for
geared/gearless 1,700 TEU ships.
Weekly fixture lists continued to show
good fixing volumes in the gearless
2,800 TEU sector, with rate levels still
north of 9,000 $/day for requirements
in Asia but much lower (in the 7,000’s
of writing MSC did not confirm
being the ordering party,
the Geneva-based liner operator
is hawked around to be
behind the order. For Daewoo
this order marks an important
victory in the competition
for market share since it
is its first container ship order
since 2015. Additionally MSC
is said to have ordered further
six vessels at Samsung. However,
so far Samsung has not confirmed
nor denied the rumors.
Moreover Japanese shipbuilder
Tsuneishi has secured an order
by Mitsui. Four 1,900 TEU
container ships will be built at
its Cebu site in the Philippines.
Secondhand Sales Container
In the second half of August
and the first half of September
the amount of transacted
vessels decreased. However,
recent sales hint at increasing
price levels for both sub-panamax
and former panamax vessels.
This could also explain
the decline of activity mentioned
above, because sellers
and buyers price expectations
might deviate from each other.
Thus it may take a while until a
new price level will be accepted
on both sides of the table.
Demolition Sales
Overall scraping activity remained
at par with the previous
reporting period. Nevertheless,
an increment of
recycling sales could be observed
recently. The recent increment
might be attributed to
the end of the monsoon season
on the Indian subcontinent.
Andreas Mietzner
$/day) in Europe. Brokers are warning
now that growing redeliveries of ships
may apply greater pressure on rates unless
fixing activity increases further. In
the 1,700 TEU segment, availability is
reported to have gone up again, too, although
this is not reflected in rates so
far. »The market remains very balanced,«
commented one leading international
broker who still counts a number of
uncovered requirements for this type
of tonnage by charterers. One standard
1,700 TEU Wenchong type meanwhile
got fixed at more than 8,000 $/day
in the Pacific, but this was for trading
to and from Australia (a more regulated,
expensive trade in terms of opex).
Other ships pushing for 8,000 $/day for
delivery in Asia have failed so far, with
owners realistically rating their vessels at
high $7,000’s $/day, brokers said. Modern,
economic 1,700 TEU types such as
the Topaz design meanwhile recorded
further slight improvements up to mid
$9,000 $/day, it was reported. M
COMPASS
CONTAINER SHIP T/C MARKET
420
380
340
300
CONTAINER FREIGHT MARKET
Märkte | Markets
Month on Month 398 +2.6 %
WCI Shanghai-Rotterdam 1,451 $/FEU -16.6 %
WCI Shanghai-Los Angeles 1,546 $/FEU -4.6 %
DRY CARGO / BULK
Average rates spot/up to 4 weeks validity
WCI = World Container Index, supplier: Drewry
Baltic Dry Index 1,470 + 22.5%
Spot time charter averages ($/day)
Capesize 5TC average 21,325 + 19 %
Panamax 4TC average 12,170 + 22.8 %
Supramax 6TC average 11,781 + 23.0%
Handysize 6TC average 8,644 + 24.6%
Forward / ffa front month October ($/day)
Capesize 180k 21,870 + 29.3 %
Panamax 12,510 + 23.7%
MPP
20.04.17
21.09.17
BMTI INDEX EUROPE
Shortsea freights finally on the rise
Following grain harvests on the continent and in the Black Sea region the shortsea market
finally got its long-awaited shot in the arm, with tonnage supply significantly reduced
and rates on the way up. German market research firm BMTI marked its European Short
Sea Index (EUSSIX) up by 8.5% to 22.45 since the middle of August based on latest fixture
information. Sentiment has been steadily improving as grain flows get under way, while
storm-related delays in the North and Baltic Sea added to the tonnage tightness, BMTI
said. »For the time being, the northern market has become an owner’s game,« it noted. Rising
freights are already boosting vessel earnings to levels not seen since early this year, if
at all. Chartering broker Norbroker marked up its earnings assessment (tce) for 3,500 dwt
coasters employed in the spot market by around one third to 2,800 €/day since August.
The Istfix index, published in Istanbul and covering the Mediterranean and Black
Sea markets, rose by 8% month-on-month. Daily vessel earnings in the Med/Black Sea
trades are reported at an average 2,636 $/day for 4,000-6,000 dwt tonnage and at 3,580 $/
day for 6,000-8,000 dwt types.
M
The index is based on a 12,500 tdw MPP/HL »F-Type« vessel for a 6-12 months
TC and represents the monthly assessment from operators, owners and brokers.
TANKERS
Baltic Dirty Tanker Index 752 + 20.0 %
Baltic Clean Tanker Index 610 + 20.0 %
SHORTSEA / COASTER
Norbroker 3,500 dwt earnings est. 2,800€/d + 33.3 %
HC Shortsea Index 15.09 + 3.0 %
ISTFIX Shortsea Index 618 + 8.0 %
Norbroker: spot t/c equivalent assessment basis round voyage North Sea/Baltic;
HC Shipping & Chartering index tracking spot freights on 5 intra-European
routes; Istfix Istanbul Freight Index covering spot freight ex Black Sea
Data per 21.09.2017, Alterations within four weeks
HANSA International Maritime Journal – 154. Jahrgang – 2017 – Nr. 10 13