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Last updateΔευ, 01 Ιουλ 2024 7am

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The European banking sector, central banks have stuck to their plan against inflation

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Despite the banking crisis and the "shaking" of the European banking sector, central banks have stuck to their plan against inflation. The BoE raised the key bank rate by 25bps to 4.25% as expected and the Swiss National Bank increased its key policy rate by 50bps to 1.5%, bringing borrowing costs to the highest since 2008. The Norges Bank also hiked interest rates by 25bps to 3%. In Asia, central banks in the Philippines and Taiwan also tightened. Yesterday, the Fed raised rates by 25bps as expected, and dialled back expectations of a rate cut this year, while ECB had already raised its own interest rate by 50bps. But the banking sector is not the only sector that is in effervescence. Global commodity markets are facing increased price volatility, something that may stick for the coming years as lingering geopolitical concerns and the rush to low-carbon energy continues to stress supply-demand fundamentals, according to commodity analysts. Most global commodity traders enjoyed a third straight year of record earnings in 2022 after surging market volatility in the wake of Russia's invasion of Ukraine boosted trading earnings already elevated due to market dislocations in the wake of the COVID-19 pandemic. But ongoing supply and demand risks from Russia and China and supply chain upheaval from electric mobility and renewable energies means volatility across commodities markets could persist for longer, having impart in shipping industry and vessel's demand. Talking about shipping industry, the European Parliament and Council have finally reached a deal on cleaner maritime fuels. In a pact on cleaner maritime fuels, the EU asked for a 2% reduction in ship emissions by 2025 and an 80% reduction by 2050. This would apply to vessels with a gross tonnage over 5,000, to all onboard energy consumed in or between ports in the European Union, to half of the energy consumed on voyages where the port of departure or arrival is outside the EU, or in the EU's most remote regions. Members of the European Parliament made sure that the commission will review the regulations by 2028 and decide whether to expand the scope of the criteria for reducing emissions to smaller ships or raise the percentage of energy used by ships from outside the EU.

With the first quarter of 2023 being close to over, we took a glance at dry S&P activity. After weakness in January, dry S&P activity revs up during February and peaked within March. As of 24th March 2023, a total of 157 bulk carrier vessels changed hands, with 66 out of those being sold within March, 57% up compared to January's bulk carrier sales (42 sales), whilst in February 49 vessels changed hands. Supramax and Handysize segments were the protagonist of dry S&P activity, with 40 Supramax and and 41 Handysize being sold during that period. But who were the main players? According to our data, Greek buyers played a major role both as sellers and buyers during the first three-month period, having purchasing 37 vessels with an average age 10year old. Capesize and Supramax segments were the preference of Greek buyers as accounts for 15 vessels (40% of total Greek's bulk carrier purchases). Furthermore, Greeks played also a key role as sellers, as they have sold 25 vessels year to date, with an average age of 15year old, followed by Chinese who sold and purchased 18 and 22 vessels respectively in the first quarter. The average age of Chinese interest was 14year old, while the buying appetite was focused mainly and equally on Capesize, Ultramax and Supramax segments totalling 18 vessels. Finally, Turkish are also high on the dry bulk buying charts, having purchased 14 vessels with an average age 12year old, and shown firm interest on Supramax and Handysize vessels constituting around 79% of Turkish Bulk Carrier purchases.

Sale and Purchase:

On dry S&P activity, the Scrubber fitted Newcastlemax "MP The Harrison" - 208K/2021 Jiangsu Newyangzi and the "MP The Vinatieri" - 208K/2021 Jiangsu Newyangzi were sold enbloc for USD 126 mills to Greek buyers. On the Capesize sector, Chinese buyers acquired the "Mulan" - 176K/2005 Universal for low USD 16 mills basis forward delivery. Moving down the sizes, the Kamsarmax "Blumenau"- 82K/2012 Taizhou Catic was sold for USD 19.8 mills to clients of W- Marine, whilst the Panamax "TR Infinity "- 77K/2015 Imabari was sold for USD 25.4 mills to Greek buyers. On the Supramax sector, Greek buyers acquired the "Amis Orchid" - 58K/2012 Tsuneishi Cebu for USD 18.9 mills basis delivery with TC attached at 104% of BSI till min February/ 2024 - max June/2024. 3x Handysize vessels, the "Erisort"- 39K/2014 Chengxi, the "Erradale"- 39K/2014 Chengxi and the "Wulin" - 39K/2014 Chengxi found new owners for low USD 20 mills each.

On wet S&P activity, the VLCC "Cosbright Lake" - 299K/2003 Nantong Cosco was sold for USD 34 mills. On the Suezmax sector, European buyers acquired the "Everbright" - 157K/2010 Jiangsu Rongsheng for USD 42.5 mills. 2x LR1's, the "Hafnia Hudson" - 77K/2007 Dalian and the "Hafnia Danube" - 77K/2007 Dalian were sold for USD 23 mills each. Turkish buyers acquired the MR1 "Jemma"- 38K/2008 GSI for USD 18.25 mills. Last but not least, clients of Stolt acquired 2x Small tankers, the "Preveze 1" - 15K/2019 Selah Makina and the "Chemical Atlantik"- 15K/2018 Selah Makina for USD 30 mills each.

On Gas S&P activity, we understand the "Gas Beryl"-78K CuM/2010 Kawasaki has been committed on subjects at USD 59 mills to clients of Foresight.

Xclusiv Shipbrokers Inc.

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