A supertanker sold for around 30 percent less than the last comparable deal in April, as hire rates fall to a nine-year low, Bloomberg reports. The 2-million barrel tanker Tenzan, built in 2000, was sold for $36 million to a Greek buyer, according to reports from four shipbrokers. That compares with the $51 million to $52.5 million sale four months ago of a tanker the same age and size, based on shipbrokers’ reports. That vessel, the 2000-built Yohteisan, has been renamed Ruby IV.
“With the crude markets continuing to wallow in the doldrums it was only a matter of time until values adjusted to reflect this,” said London-based Galbraith’s Holdings Ltd., in a report distributed Aug. 12.
Tenzan is listed as being owned by Nippon Yusen KK, according to data from IHS Fairplay on Bloomberg. The shipowner does not comment on individual transactions, spokesman Jun Katayama said by phone from Tokyo.
Values are forecast to fall as owners contend with the biggest glut of supertankers in 29 years while the fleet expands twice as fast as demand, driving earnings to the lowest since 2002.
Average time charter rates have failed to cover operating and fuel expenses and yielded negative dollar-per-day rates since June 30, according to the London-based Baltic Exchange, which provides freight rates on more than 50 routes.
Weekly rates to ship crude on very large crude carriers from the Middle East Gulf to Japan were $7,281 a day for the week ending Aug. 12, the lowest since Sept. 13, 2002, according to Clarkson Research Services, a unit of the world’s largest shipbroker.
’Sharp Decline’
Tanker values were “heading south and fast”, said Oslo- based investment bank Arctic Securities ASA in an e-mailed report today. “Even when adjusting for size and vessel particulars, this is clearly a sharp decline in prices,” wrote analyst Erik Nikolai Stavseth about the Tenzan sale.
More very large crude carriers were on the market at lower prices, with lower values of new and more modern vessels expected, Stavseth said.
“The pressure on charter rates within the crude sector has led to an increase of new sales candidates entering the markets, and we expect more similar sales to the Tenzan to follow over the coming months,” said Clarkson Research Services in a weekly note to clients, published Aug. 12.
A five-year-old supertanker was worth $79.94 million, according to the Baltic Exchange. That’s 4.6 percent down this year, and 51 percent lower than the peak of $162.04 million on July 28, 2008, data show.
Shipbrokers and banks that reported Tenzan sale details included Clarkson, Galbraith’s and HSBC Shipping Services Ltd, all based in London. US-based Compass Maritime and Piraeus-based Golden Destiny SA also reported it.
“With the crude markets continuing to wallow in the doldrums it was only a matter of time until values adjusted to reflect this,” said London-based Galbraith’s Holdings Ltd., in a report distributed Aug. 12.
Tenzan is listed as being owned by Nippon Yusen KK, according to data from IHS Fairplay on Bloomberg. The shipowner does not comment on individual transactions, spokesman Jun Katayama said by phone from Tokyo.
Values are forecast to fall as owners contend with the biggest glut of supertankers in 29 years while the fleet expands twice as fast as demand, driving earnings to the lowest since 2002.
Average time charter rates have failed to cover operating and fuel expenses and yielded negative dollar-per-day rates since June 30, according to the London-based Baltic Exchange, which provides freight rates on more than 50 routes.
Weekly rates to ship crude on very large crude carriers from the Middle East Gulf to Japan were $7,281 a day for the week ending Aug. 12, the lowest since Sept. 13, 2002, according to Clarkson Research Services, a unit of the world’s largest shipbroker.
’Sharp Decline’
Tanker values were “heading south and fast”, said Oslo- based investment bank Arctic Securities ASA in an e-mailed report today. “Even when adjusting for size and vessel particulars, this is clearly a sharp decline in prices,” wrote analyst Erik Nikolai Stavseth about the Tenzan sale.
More very large crude carriers were on the market at lower prices, with lower values of new and more modern vessels expected, Stavseth said.
“The pressure on charter rates within the crude sector has led to an increase of new sales candidates entering the markets, and we expect more similar sales to the Tenzan to follow over the coming months,” said Clarkson Research Services in a weekly note to clients, published Aug. 12.
A five-year-old supertanker was worth $79.94 million, according to the Baltic Exchange. That’s 4.6 percent down this year, and 51 percent lower than the peak of $162.04 million on July 28, 2008, data show.
Shipbrokers and banks that reported Tenzan sale details included Clarkson, Galbraith’s and HSBC Shipping Services Ltd, all based in London. US-based Compass Maritime and Piraeus-based Golden Destiny SA also reported it.