Haven’t posted a broker report in a few weeks. So here’s the latest one from the folks at Advanced Shipping & Trading
- Activity in the bulk shipping transaction side is in the medium and smaller categories (12 vessels)
- “Star Theta” likely a Star Bulk vessel (If you have been following Star Bulk Carriers, the company is buying another 10M tranche of their shares from Oaktree Capital @ $19.50/share)
- Tanker segment: 14 tankers sold, including 2 pairs of VLCC trades.
- Naming suggests the VLCCs are from the same seller - one pair 10 years old, one pair almost 20 years old
- 2 container vessel trades, 2 LPG vessel trades
- Newbuild activity: 11 vessels, including 4 Newcastlemaxes by our old buddy George Economou
Torm plc (TRMD) reported their Q3 2023 results this past week. In their notes are a couple of mentions on planned transactions the next few months- sale of 3 LR1, 2 MR tankers, & purchase of 4 MR tankers, 8 LR2 vessels. The LR2’s are 10.5 - 13 years old, and TRMD is acquiring them for abt $50M each. At first glance, somewhat expensive. But, if there is a low newbuild replacement rate, those vessels can likely be fixed @ higher rates even after the vessels cross the 15 year mark.