Allied Shipbroking Inc News

The dry bulk shipping sector has been dashed upon the rocks of vessel oversupply and slowing economic growth. Not dry bulk shipping business is grappling with an unprecedented crisis of too many ships and not enough cargoes, says a report in WSJ. Idled ships are crowding coastlines world-wide as increasingly desperate companies that ship iron ore, coal and other bulk commodities try to weather the industry’s worst downturn in decades. Shipping brokers estimate 690 dry-bulk ships, or about 7% of the global fleet, currently are sitting idle. Twice that number will likely need to be parked to balance capacity with demand, said George Lazaridis, head of research and valuations at Athens-based Allied Shipbroking Inc.

Dry bulkers have been an overwhelming disappointment with the year coming to an end, while on the other side of the coin we have the tanker market that has not only kept its positve momentum but managed to outpace what most had expected thanks to low crude oil price, says a study by Allied Shipbroking Inc. As much as both of these markets have inevitably been influenced and even driven by the market demand conditons, it is always important note and compare the supply side issues which is one of the key ways the industry as a whole influences the balance and in effect rates themselves. On the one hand you have the dry bulkers, with the Supramax and Panamax showing this to a greater extent…

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Tuesday on weak demand for capesize vessels. The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, dropped 12 points, or 1.36 percent, to 869 points. The capesize index fell 41 points, or 2.16 percent, to 1,860 points. Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $298 to $13,213. Last week started off on a bad note for capsize vessels with rates showing a softening trend…

Greek shipowner John Angel-icoussis' acquisition of four ICB tankers last week was the highlight of a busier market, Allied Shipbroking Inc. said in its latest ship sales report. Angelicoussis paid $189 million in total for the Mindoro (1995-built, 300,294-deadweight tons), the Irian (1992, 286,006-dwt), the Ambon (1992, 285,771-dwt) and the Flores (1995, 284,410-dwt). Aegean Marine Petroleum, also of Greece, paid $2.5 million to buy the 1976 Norwegian-built tanker Maersk Ascension (60,810-dwt). Italian buyers also picked up two tankers last week. Gemarfin paid $8.75 million for the 1982 Japanese-built Meandros (40,632-dwt) while unknown Italian buyers paid $480,000 at an auction in the U.S. for the 1977 Italian-constructed Campo Duran (30,572-dwt).