Ever-higher newbuilding bills have sparked a trend in tanker and bulker resale deals, MB Shipbrokers says.
The Danish shop said it has spotted a new tendency emerging, as owners decide to “take home a profit” by selling on contracts before delivery.
Buyers are getting their hands on tonnage more quickly than with a new order.
MB noted a “solid increase” in newbuilding prices since 2021, ranging from 17% for conventional ships to 37% for larger, more complex vessels.
“This is particularly relevant for vessels contracted in 2021/2022 with delivery in 2025,” the brokerage added.
“Shipyards are also monitoring the resale market closely, as the price shifts could impact the buying appetite for newbuildings,” MB said.
Depending on the state of the chartering markets, the company expects this trend to continue into 2025.
But resales are not limited to tankers and bulkers.
Only yesterday, John Fredriksen’s Avance Gas said it was winding up the company by selling its last four vessels to Belgium’s Exmar.
These are 40,000-cbm LPG ships being built in China and ordered for $61.5m each in 2023.
Exmar will be paying $70.6m for vessels due in 2025 and 2026.
Sainty bulker resales
In November, TradeWinds reported that China Development Bank Financial Leasing (CDB Financial Leasing) had added to its leased fleet with a deal for ultramax resales.
The company said it has agreed to pay not more than $67m combined for two vessels originally ordered by Hong Kong owner Smooth Shipping at Sainty Shipbuilding (Yangzhou) in a contract novation transaction.
Smooth Shipping and the yard are controlled by the same owner, Jiangsu Soho Holdings.
CDB Financial Leasing will lease the ships on delivery.
The company did not give further details, but a Jiangsu Soho company will likely operate the ships if the purchase is a straight financing deal.
Hong Kong-listed Seacon Shipping continued its fleet renewal by snapping up six multipurpose resales at China’s Jiangsu Dajin Heavy Industry for $63.9m, or $10.65m each.
The original buyer, British Virgin Islands-registered Union Marine, had not paid any instalments on the 5,200-dwt dry cargo ships.
The MPPs are due for delivery in 2026 and 2027.
In the tanker sector, Greece’s Laskaridis Shipping made its most significant investment in the tanker sector yet, pouncing on MR2 resale tonnage being built in China.
Market sources in Athens and China tied the group’s management firm, Lavinia Corp, to a pair of methanol-ready product carriers at Zhoushan Changhong Shipyard.
And tonnage provider Seaspan Corp sold five 13,000-teu container ship newbuilding contracts to shareholder Ocean Network Express in August.