Chinese shipowners looking to add older tonnage to their fleet look to have under a month to do so before new age restrictions kick-in.
It is widely anticipated that China is going to restrict the age of imported vessels to a maximum age of 15 years as of 1 May 2018.
“Whilst we have not seen this confirmation in writing there is sufficient ‘noise’ coming from China to believe that this could be true,” Galbraith's said in a recent report.
The remaining window looks to be even further restricted by reports that the China Classification Society (CCS) requires up to two weeks to approve a vessel for importation.
“The Chinese have been extremely busy over the past three to four months with a significant number of acquisitions in the supramax and panama sector, for units built between 2000 and 2001,” Galbraith's said in its latest weekly report.
“These vessels which, for now, comply with the 18 years import licence attract more Chinese buying interest than vessels built between 2004 and 2006.
“As a consequence the Japanese operated 76,633-dwt Double Prosperity (built 2005) which discharged in Rizhao attracted little interest from local buyers.”
Chinese buyers are also expected to be behind the purchase of the Greek operated handymax Nepenthe (built 2001) for circa $8.2m with her dry-docking due.
The 48,913-dwt vessel was acquired by her current owners back in April 2015 for a price in the region of $3.5m, according to the UK shipbroker.
Galbraith’s has warned that once the age restrictions come into force there is likely to be a sudden drop in valuations for ships in this age bracket.
