Ship values rise

Strengthening bulker freight rates continue to have a positive knock-on effect on secondhand vessel values.

Prices for a five-year-old capesize have risen by $4.3m to $48.5m in the past week, according to the latest Baltic Sale & Purchase Assessment.

Capesize rates have climbed to a four month high above $34,000 per day in the first significant period of market firming since June 2008.

“This near 10% jump comes as a result of the increase in charter rates and should allow most bulkers some breathing room with respect to their lenders,” said Dahlman Rose analyst Omar Nokta.

The stronger values are reflected in the S&P market with TradeWinds reporting last week that TMT had bought the 179,000-dwt Pacific Prosperity (built 1998) for $37.5m.

In January, Greek owner Polembros bought a one year older capsize, the 170,000-dwt Golden Wing (built 1997), for just $27m.

Secondhand prices for panamax bulkers are up $1.2m to $29.44m, while those for a handymax have risen $900,000 to $26m, the Baltic says.

The news for tankers is not so good. While VLCC values have declined by less than 1%, aframaxes prices have decline by nearly 6.5% in a week.

The Baltic Sale & Purchase Assessment is quoting $48.7m for a five-year old double-hull aframax. A week ago it was nearly $52m.

Clarkson, however, is still declining to publish its price indices because of the uncertainty over secondhand valuations, although it still provides a private ship-valuation service.


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