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HANSA 06-2018

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Märkte | Markets Old

Märkte | Markets Old panamaxes drive rates rally Upward momentum in charter hires for 2,500–5,000 TEU segments. By Michael Hollmann The rally in charter rates for container vessels was basically maintained during May until copy deadline of this issue of HANSA. According to the New ConTex, period rates for vessels with intakes between 1,100 and 4,250 TEU were up 4.0% month-on-month. However, looking at the market in total, the picture is more fragmented than it used to be, with some vessel types or regional markets suffering slight declines lately. Very large gearless ships are a case in point, illustrated by slightly weaker fixing levels of 20,000 $/ day for 8,500 TEU class ships. Curiously, the situation is very much confined to ships of more than 7,500 TEU capacity whereas the smaller »old« post-panamax classes of 5,500 to 7,000 TEU are still seeing very brisk demand. As one German chartering broker emphasized: »There is nothing spot in that segment and plenty of orders still uncovered, so we expect the positive trend to continue.« Latest benchmark fixtures include a flexible short period for an older 6,700 TEU unit at a respectable ,500/d. Probably the firmest of all size classes today is the traditional 4,000-5,100 TEU panamax segment which up until last year was declared dead in the medium run. The »reprieve« these ships got seems to make more and more market participants believe that there is now a sustainable commercial future for this class again, seeing that there are basically no newbuildings coming up anymore. At the time of writing, the market was a abuzz with talk that a baby panamax may have breached the 13,000 $/day-barrier in Asia. The rapid improvement in sentiment for this vessel type is well reflected by the 12-months period assessment for the 4,250 TEU class by Con- Tex panel brokers. The value went up from around 10,700 to 12,300 $ within just four weeks as per 17 May. Spot supply of charter vessels in the panamax class was down to just one or two vessels plus two units still in cold lay-up in southeast Asia. Confidence among shipowners in this segment is probably the strongest it has been within a decade, one broker explained. There is even a new Far East/North Europe loop operated by Hyundai with panamax ships against all the competition of 18,000+ TEU vessels. Skimming reported fixtures over the past weeks, it becomes obvious that there CONTAINERSHIPS (PERIOD) TEU Name dwt Built Type Speed Cons. Charterer Laycan Period Rate ($) FEEDER / HANDY 868 Neuenfelde 11,390 2001 g’less 18.5 37.7 Hapag-Lloyd May 11–13 m N. Sea / Baltic (ext) €7,200 1118 Helmuth Rambow 13,779 2005 geared 19.0 38.5 Maersk May 4–6 m Intra-Asia (ext) 8000 1440 Cape Faro 20,316 2006 g’less 19.8 45 Rizhao Port May 4–6 m Intra-Asia 10,900 1702 Max Kudo 23,965 2008 g’less 20.0 57 + 3 Namsung May 4–6 m Korea / China 11,150 1740 Hansa Meersburg 23,387 2007 geared 20.0 70 CMA CGM May 5–7 m Intra-Asia (ext) 10,750 1756 Seamaster 24,129 2013 geared 19.5 57.9 Feedertech May 5–7 m Southeast Asia (ext) 14,000 1856 Viona 22,248 2006 g’less 21.0 67.2 Maersk May 3 m N. Sea / Baltic (ext) 11,500 SUB-PANAMAX 2500 Nordpacific 35,500 2018 g’less 18.0 38 CMA CGM Jun 40–60 days Southeast Asia 14,950 2556 AS Palina 34,567 2004 geared 22.0 87 CMA CGM May 9 m N. Europe / Med 12,250 2750 Northern Valence 37,921 2005 g’less 22.5 84.2 + 4 Sinotrans May 10–12 m Intra-Asia 12,350 2824 Bomar Hamburg 39,418 2006 g’less 23.0 97 SM Lines May 6–8 m Intra-Asia 11,500 TRADITIONAL PANAMAX AND WIDEBEAM 4255 Hobby Hunter 50,700 2009 g’less 24.1 130.1 Cosco Jun 4–6 m N. Europe / Med (ext) 12,850 4738 CSL Sophie 65,006 2005 g’less 25.0 195 Maersk Jun 2–3 m Far East / USWC (ext) 13,000 4957 Wiking 57,500 2016 g’less / WB 21.0 100 KMTC Jun 3–5 m FE / Persian Gulf 16,500 5089 Las Vegas 67,600 2008 g’less 24.3 155 Zim Jun 12 m Intra–Asia 13,300 LARGE AND VERY LARGE 5936 Ian H 67,515 2000 g’less 24.0 194.2 Zim Jun 9–12 m Far East 17,000 6627 Diaporos 80,238 2001 g’less 24.0 206 ONE Jun 70–100 days Far East / USWC 18,500 8468 America 101,612 2004 g’less 22.0 143 Zim Jun 12–15 m Far East / Mediterr. 20,000 BULK CARRIERS (PERIOD) dwt Name Built Charterer Delivery Period Rate ($) CAPESIZE 180,018 Ianthe 2009 Louis Dreyfus 05.-15.06. Nagoya, Japan 7–9 m, redelivery worldwide 20,650 95,712 Double Paradise 2011 Oldendorff Carriers 13.-15.05. Jingtang, China 4–7 m, redelivery worldwide 14,250 PANAMAX / KAMSARMAX 81,631 Caravos Harmony 2013 Vattenfall 22-28.05. Chiba, Japan 6–9 m, redelivery worldwide 13,200 76,498 Gorgoypikoos 2005 UBCI S.a. 16.-17.05. Mokpo, S. Korea 4−7 m, redelivery worldwide 12,100 SUPRAMAX / HANDY 58,669 Josco Hangzhou 2012 Hua Rong 22.-24.05. Lianyungang 5–7 m, redelivery worldwide 12,600 34,125 Capetan Costis 2011 Meadway 15.05. Rio de Janeiro 4–6 m, redelivery Atlantic 10,550 Charter deals t/ all information without guarantee 10 HANSA International Maritime Journal – 155. Jahrgang – 2018 – Nr. 6

Märkte | Markets Orders & Sales New Orders Container Activity at the newbuilding market for container vessels was quite agile. In the larger segment, Zodiac is said to have ordered 4 x 14,000 TEU vessels at Hyundai Heavy Industries for 101,75 mill. $ each, to be delivered 2019 against long-term time charters to the yard`s sister company Hyundai Merchant Marine. Costamare and Shoei Kisen ordered 5+2 units each, at China`s Jiangsu New Yangzijiang and Shoei`s sister Imabari. The 12,000 TEU ships will be delivered in 2020 and 2021 against TC to Yang Ming. is a broad base of demand for panamax ships worldwide. Fixed trades range from Far East-Australia via Intra-Asia and Far East-West Africa to West Coast South America-US East Coast and transpacific. Even if a new round of cascading takes place, it is unlikely to affect all these trades with their unique commercial and operational requirements in the same way. The other very liquid charter segments with a continued rise in rate levels are the 2,700/2,800 TEU gearless and 2,500 TEU geared segments. Once the number of prompt units go up, there is a fresh round of fixtures and extensions that wipes out again all the availability, as brokers point out. Even calendar weeks punctuated by multiple bank holidays have seen more than half a dozen 2,700 TEU ships fixing new employment. The strong momentum In the smaller segments China Navigation ordered four 2,750 TEUs at Huangpu Wenchong. Taiwans TS Lines is said to have ordered one 1,096 TEU vessel at Kyokuyo/Japan. Secondhand Sales Container The S&P-market was less active in the second half of April and the first half of May. In total we recorded ten transactions including three en bloc deals. Again the ratio of vended feeder vessels was particularly high. It seems as if the appetite is strong but sales candidates are getting scarcer. In the bigger segments, only two transactions were concluded. Navios purchased MPP charter rates extend their gains Increased world economic growth and volume increases in all types of dry cargo keep providing tail winds for multipurpose vessels. Period rates continued to push up over the past weeks, with longer durations commanding premiums on typical 6-months contracts. »Owners anticipate further increases, so they prefer to fix only short periods,« as Jan Tüxen, head of the mpp/handy charter desk at Ernst Russ Shipbroker told HANSA. Average 6-month TC rates were up by 33% y-o-y for 12,000 dwt class mpp ships (currently around 8,000 $/d), by 30% for 17,000 dwt units (8,500 $/d) and by 26% for large 30,000 dwt tweendeckers (9,500 $), according to Ernst Russ. Anecdotal evidence suggests, that mpp operators have seen a rise of general breakbulk and minor bulk volumes over the past year whereas heavy and high-value »Adamastos« (9,954 TEU) for 52 mill. $, including TC transfer of 23,663 $/d until March 2019. MSC purchased the 6,966 TEU sisters »Texas« and »Washington«. Demolition Sales The situation at the recycling market for container vessels remains unchanged, only one vessel was sold for scrap. On the Indian sub-continent, »Kulsamut« (1996) was sold for 435 $/ldt. So far this year, scrapping only reached 14 ships, totalling 26,770 TEU. During the same period a year earlier 78 vessels (240,000 TEU) were scrapped. Jan Göldner saw rate levels for the most popular German-built Aker and Thyssen designs surpass ,000/d in Asia, with period durations lengthening to 6–12 months. In the feeder and handy classes below 2,000 TEU, developments were rather mixed. Standard geared 1,700 TEU ships recorded a bit of a decline in demand, leading to higher tonnage availability and fixing levels softening in the mid and upper 10,000’s $/d. However, modern eco designs such as the geared SPP 1700 type regained some ground, fixing medium periods at ,000/d. In the 1,000/1,100 TEU segment, the trend was sideways for traditional CV1100’s (8,000 $) and firmer for other gearless 1,000 TEU types such as the »Dae Sun«. Demand for feeder ships of 1,000 TEU and below in Europe slowed down notably. project cargoes are lagging behind somewhat which might explained by longer lead times for industrial projects. Heavy load cargoes are expected, though, to pick up in 2019. The improved mediumterm outlook is not yet filtering through to charter rates for ships with heavy lift gear. However, according to Ernst Russ there are more interested buyers emerging in the S&P market for heavy lift ships. Cargo freight rates, by contrast, are reported to be merely stable or slightly improving, meaning that charter operators risk facing their margins squeezed if they don’t fight for higher cargo volumes. Freight buyers from the project forwarding sector say that spot freight rates on a few routes including intra-Asia and Europe-Persian Gulf increased by up to 15% y-o-y. mph COMPASS CONTAINER SHIP T/C MARKET 550 500 450 400 19.12.17 Month on Month520 +4.0 % CONTAINER FREIGHT MARKET WCI Shanghai-Rotterdam 1,459 $/FEU + 26.3 % WCI Shanghai-Los Angeles 1,397 $/FEU + 15.4 % DRY CARGO / BULK TANKERS Average rates spot/up to 4 weeks validity WCI = World Container Index, supplier: Drewry Baltic Dry Index 1305 + 28.6 % Time charter averages / spot: $/d Capesize 5TC average 16,511 + 20.8 % Panamax 4TC average 9,993 - 4.7 % Supramax 6TC average 11,478 +1.5 % Handysize 6TC average 8,594 - 6.0 % Forward / ffa front month May ($/day) Capesize 180k 15,700 + 20.5 % Panamax 11,445 - 5.2 % MPP May´17 $ 6,163 TMI Toepfer's Multipurpose Index Baltic Dirty Tanker Index 681 + 7.2 % Baltic Clean Tanker Index 529 - 4.5 % SHORTSEA / COASTER 17.05.18 May´18 $ 7,247 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. Norbroker 3,500 dwt earnings est. 2,700 €/d - 7.0 % HC Shortsea Index 17.95 - 5.3 % ISTFIX Shortsea Index 746 - 11.8 % 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 17.05.2018, Alterations within four weeks HANSA International Maritime Journal – 155. Jahrgang – 2018 – Nr. 6 11

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