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Newbuilding Ordering Activity in Slowdown Mode | Hellenic Shipping News Worldwide
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Newbuilding Orders Pace Still High | Hellenic Shipping News Worldwide
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2021 Shaping Up for a Boom Year in Newbuilding Orders
Ship owners’ appetite for newbuildings seems unabated during the first few months of 2021, after the past lackluster years of relatively limited investment. An expected rebound in freight rates has also triggered more deals in the newbuilding part of the market.
In its latest weekly report, shipbroker Allied Shipbroking said that “a week with few but interesting moves took place in the dry bulk newbuilding market. The recent correction in freight rates has not trimmed expectations or appetite significantly, at least for now. The overall bullish sentiment in the sector and the positive outlook for the demand and supply fundamentals are anticipated to retain the newbuilding market at relatively active levels. However, the current “expensive” prices have been keeping things at moderate levels in the year so far, considering the encouraging earnings being noted. We expect interest to remain vivid in the coming weeks, while f
Capesize secondhand sales bonanza in Q4
The Capesize market in Q4 thus far was defined by a steady decline in BDI with a recent small uptick during December.
After its 5TC average peaked in the first days of October to US$33.500/d, it is now hovering in the very low US$15,000’s/d region. Substantial sales volume was recorded amidst a steady supply of tonnage available for sale, feeding the enhanced appetite for secondhand Cape investments during the first half of Q4.
The mix of low orderbook to fleet ratio (8% for Capes with 28mill dwt in September 2020, compared with 14% on the average during 2017-2019), “capped” NB contracting. This is primarily attributed to market, regulatory and technological uncertainties (Capesize/Newcastlemax/VLOCS newbuilding orders number just 10 units for 2020 till October). It is this environment that signaled the resilience the dry bulk market has exhibited during the 2H20, amid various trade and logistical disruptions caused by the black swan �
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