A newbuilding Cape size, M/V BLUE ANNAPURNA (180,000 dwt 2010 blt Daehan) has been sold to Greek buyers at US$ 63.5m with prompt delivery in December 2010.

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Cape size, M/V BLUE ANNAPURNA (180,000 dwt 2010 blt Daehan) has been sold to Greek buyers at US$ 63.5m with prompt delivery in December 2010.

In the post-Panamax sector the modern, delivered earlier this year, M/V BENEDETTA D’AMATO (92,500 dwt Jan 2010 blt Jiangsu New Yangzijiang) has been sold to Far Eastern buyers for US$ 45m with the remainder of her long term timecharter which runs until 1Q 2017 at US$ 21,400 per day.

Golden

Ocean have sold the Panamax M/V GOLDEN SHADOW (73,732 dwt 1997 blt Sumitomo) to Norsul for US$ 26.7m following the exercise of a purchase option at US$ 21.5 million. Indonesian buyers have paid a similar level, close to US$ 27m for the M/V MERCURY K (72,421 dwt 1997 blt

Sasebo

).

In the Supramax sector, Vinalines paid US$ 37m for the M/V NORD BRAVE (53,529 dwt 2007 blt Iwagi).

Buyers have agreed to pay US$ 19.5m for the handy size M/V ORIENT SAORI (30,835 dwt 1997 blt Minami

Nippon).

In the vintage handysize sector M/V FEROI (37,092 dwt 1983 blt Kurushima) has been sold for US$ 6.3m while the lake fitted M/V AGIOS MINAS (29,002 dwt 1981 blt Hakodate) has been taken by Chinese buyers at US$ 4.1m.

Hartmann reported sold one more tanker the M/T MOUNT MCKINNEY (40,011 dwt 2004 blt Saiki) for US$ 24.9m.

 NEWBUILDING

It has not been the busiest of weeks this week in the newbuilding market, however we are still seeing a good level of enquiry mainly in the Dry and Container sectors.

It will be interesting to note how the currency markets develop over the coming weeks, especially after the G20 meetings this week. China who this year have been able to greatly increase their market share of new orders in part through their price competitiveness are now facing rising pressure to allow their currency to appreciate against the dollar. It has not witnessed as steep a move in its currencies as those in other countries (due to China’s control of the market and decision to only appreciate gradually), however is now coming under increasing pressure from the Global community to continue to allow appreciation and at a faster rate than it has currently allowed it to do so. With the Yuan

trading at its all time historic low of 6.62 Yuan to the Dollar many are nervous that if this continues the yards will find their costs rising and their profit margins eroded and as such will act to move their pricing accordingly. Even

Korea

has seen its currency appreciate by over 6% against the Dollar over the past 3 months which again if it continues may cause the Korean Shipyards to reconsider their pricing against potential long term dollar contracts. Of course the counter argument with the Korean Won is that it has for a number of years faced very high levels of volatility and as such gains or losses of this magnitude typically level themselves out in the long term and prove less of a concern when compared to the steady but continued appreciation of the Yuan. This will no doubt be a hot topic for debate over the coming weeks and months, especially as much of the early capacity is now fulfilled and the Yards are in much less need to be as aggressive as they were on pricing this time last year, they would prefer to be a bit more conservative to try and protect themselves from potential currency market fluctuations going forward.

In terms of reported business: In Dry, NYK are reported to signed for 3 x 95,000dwt Post Panamax Bulk carriers at Imabari Shipbuilding for deliveries from 2014. Cobalfret have ordered a pair of 35,000dwt Handysize Bulkers at Zhejiang Yangfan for delivery in 2013. In Containers, Clients of Metrostar are reported to have signed 4 option 4 x 3,500TEU containerships at SPP Shipbuilding to deliver in 2013 and 2014. Delphis have ordered 2 + 2 + 2 + 2 x 3,800TEU vessels at Hanjin Subic again for delivery in 2013 and 2014. Beluga have ordered 4 x 20,000dwt MPP/Heavy lift Vessels at Hudong Zhonghua which are set for delivery from July 2012 onwards and interestingly with 2 x 1,000T Cranes. And finally in other sectors, Astomos are reported to have ordered an 80,000dwt LPG carrier at Mitsubishi H.I. to be delivered in 2012.