Noble Group is exploring the sale of a 2011-built capesize at a time when sale-and-purchase markets are proving inhospitable for would-be sellers.
The Singapore-listed commodity trader hopes to achieve $27m for the Dalian-built 180,300-dwt Aqua Vision, which entered the market last week, S&P specialists told TradeWinds on Wednesday.
But Noble could be setting its hopes too high, brokers said, given that three other capesizes on the market have failed to attract much interest.
As TradeWinds reported previously, the 180,230-dwt Nord Steel (built 2007) entered the market on 2 January, but buyers have been put off by depressed spot rates.
The Singapore-based seller, Singa Star, is said to be hoping for a price of more than $22m for the Japan-built bulker, but has still not yet received any offers over $20m, brokers confirmed Tuesday.
Likewise, Miyazaki Sangyo’s 176,900-dwt Lowlands Erica (built 2007) has been in and out of the S&P market for about 18 months.
The vessel has undergone pre-purchase inspections, with particular interest from an unnamed Chinese buyer, brokers say.
Nevertheless, the seller has not received any bids that meet its ambitious $21m price tag, TradeWinds heard this week.
Another capesize, Sanko Steamship’s 177,500-dwt Euro Fortune (built 2005), has been on the market for about four months.
Brokers told TradeWinds on Tuesday the seller had received an offer of $17m with subjects attached for the Japan-built bulker, but this appears to have fallen through.
“All the big owners want to buy because the market’s coming off, but [sellers] want yesterday’s prices. It doesn’t really work,” one broker told TradeWinds.
“There’s this notion that the market will come back in some shape or form during Q2, post-Chinese New Year, but historically this time of year has always been a very poor time to sell,” another broker explained.
A resolution between the US and China on trade tariffs would help boost market sentiment, as would the stimulus package being mooted by China, the broker explained.
The tit-for-tat trade tariffs reduced 2018’s total dry bulk tonne-miles by 0.8%, an impact that could be seen again if the current tariffs are continued or increased, Clarksons said on Monday.
Since the beginning of December, China’s National Development and Reform Commission has approved 16 projects, worth at least CNY 1.1tr ($163.2bn) in total.
Such stimulus packages have historically boosted Chinese imports of dry commodities such as iron ore and coal, but take many months to have any material effect on markets.
TradeWinds has contacted Noble Group for confirmation of the Aqua Vision's sale.
