Been a few weeks since the last weekly report.
Using Advanced Shipping & Trading this week
- Fairly active dry bulk shipping activity - 12 vessels sold
- Q3 usually strongest qtr in the cycle. Not so much this year, and vessel pricing seems to bear out.
- Six tanker sales. The VLCC pair appear to be a Sale & Leaseback transaction that favors the seller (even with add-ons, they likely paid < $100M for each of the vessels)
- MSC vessel is likely a “replacement” candidate for 2024 and beyond.
- Fair active newbuild activity. Not the first time seeing JP Morgan in the newbuild shipping market.
At least per Q2 reporting, all forms of shipping seem to be weaker (but still profitable) in Q3 2023. Normal for the tanker sector, but not for dry bulk or container sectors, On-going problem with the Panama Canal water levels (not sure the most impacted vessels there, maybe West Coast South American ports)