Boom In Container Ship Sector and Dire Status of Tanker Sector

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  • Last week saw a remarkable sale take place, US$96M was reportedly paid for a 2009-built Panamax.
  • It highlights the boom in the container ship sector and the dire position of the tanker sector.
  • Shipbrokers reported that Dioryx Maritime of Greece has sold 2009-built Panamax container ship Ionikos (4,300-TEU) for a reported US$96M.

A recent news article published in the Riviera states that record price highlights fractured sale and purchase market.

Tanker assets have fallen

The price is stunning, even for the over-heated container ship sector, and shows how far behind tanker assets have fallen.

Another example of the disconnect is the relationship in values of newbuildings in the respective sectors.

The natural order of values is for a VLCC to be a higher value than a smaller container ship and this was clear in 2002, when a new 4,250-TEU container ship was worth US$60M, versus US$74M for a VLCC.

A new 4,250-TEU container ship was worth US$41M

Ten years later, the values have changed, the delta has changed but in 2012, a new 4,250-TEU container ship was worth US$41M, somewhat lower than the US$86M for a VLCC.

Today, in 2022, the order is reversed – the latest value for similar vessels in 2022 is US$107M for a 4,250-TEU newbuilding, surpassing the price of a new VLCC (US$100M – VesselsValue data).

It will be some time until tanker prices reach the levels of the container ship sector, if the sales reported last week are any indication.

Tanker sales in week 4

Tanker sales in week four numbered just seven vessels, and featured Scorpio Tankers again, which entered into agreements to sell two MR tankers (2013-built STI Fontvieille and 2019-built STI Majestic).

Two tankers were also sold for scrapping and recycling. 1997-built, 46,000-dwt MR tanker Hippo, was sold by Waruna Nusa Sentana of Indonesia for an unreported amount. The company purchased the vessel in 2014 for US$6.75M.

The second tanker sold for recycling was 1985-built, 30,600-dwt MR1 tanker Houston.

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Source: Riviera

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