January sales

Sale and purchase activity shot up over the past month as shipowners tucked into the perceived low prices on offer.

China continued to rule the roost in the dry-cargo market but it was a resurgence among tanker and container buyers which was the driving force behind the hefty number of deals completed.

A huge 151 ships changed hands in the January sales, up from 96 in December and the highest number of trades seen in a single month since May 2008, according to figures from Greek shipbroker N Cotzias.

In its monthly report the Piraeus-based outfit says the tanker sale and purchase market was hot last month with 59 vessels changing hands in deals worth $1.23bn.

Cotzias says the surge comes with modern wet tonnage priced at between 40% and 45% less than a year ago and older units up to 60% cheaper.

Greek owners were the biggest movers, taking in 10 tankers worth $180m, ahead of Indonesia and Singapore with six and four buys respectively.

Fifteen container vessels, all built post 1993, were traded in January, prompting the broker to suggest the sector is slowly becoming part of shipping again.

“Many consider container ships to be priced very low,” the shipbroker said.

It is a case of as you were on the dry-cargo side with Chinese buyers hoovering up tonnage at a rate of knots.

Chinese shipowners spent $480m on 27 dry-cargo units in the month, well ahead of the 12 ships worth $247m bought by Greeks.

Of the 92 dry-cargo ships sold in January, 62 were bulkers, including eight capesizes.

Cotzias said: “It could be the case that sale activity was hotter as buyers wanted to avoid the forthcoming celebrations of the Chinese New Year.

“We definitely anticipate the momentum in the second hand market will slow down for at least the remaining period of February.”

Printable version Newsletter sign up