Shipping broker report 12/01/23

From broker Advanced Shipping & Trading

  • Similar to last week, a 2023 build changes hands among the bulker transactions
  • 10 vessels sold including a vessel from SB, one vessel from NMM
  • 11 tanker vessels sold across the category spectrum
  • The Okeanis Suezmax is an Okeanis vessel currently, but likely financed with a lease. So it now becomes an owned asset
  • Seems to be a similar situation with Navig8 and the Aframax
  • 5 container vessels sold and 4 gas vessels. Other than the 2010 gas vessel, all other vessels are on the older side. Likely just fleet renewal on the part of sellers

Mentioned in another thread - Capped off with this week’s bounce, BDI has had an amazing November, essentially a doubling of the BDI. There is an SB transaction mentioned above. The company also announced a 5M share buyback. Are the events related? Well, if one looks at SB’s debt load, it works out to about $10M per vessel. So, net to SB after debt paydown, would be about $16.6M - Back out another $1M, and there’s still a decent kitty for buying back shares. Again, just speculation on my part.


Forgot to mention one item-
There were 15 - 20 newbuilds ordered this week, including a 1 + 1 Ammonia tanker order from Dorian. Previously, I have seen Ammonia carriers in the Midsize Gas carrier size. This one is definitely equivalent to a VLGC. Changing market situation?? (Hanwha Ocean is the new name for Daewoo Shipbuilding (DSME))

Navios Lyra is actually a charter-in vessel with a purchase option. Apparently, NMM opted not to exercise the option.

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Will wait for official confirmation, but some data (yard, build year) suggests the buyer for the “Pedhoulas Cherry” is Pyxis Tankers (PXS). Though I closed my Safe Bulker (SB) stake last week, I think they come out slightly ahead in this transaction. Both companies are recycling capital. But SB is upgrading its fleet with newer vessels and remains focused on dry bulk shipping. OTOH, PXS is venturing into new area of shipping with only its second dry bulk vessel.