China demolition prices get boost despite a quiet market

PUBLISHED : Wednesday, 05 May, 1993, 12:00am
UPDATED : Wednesday, 05 May, 1993, 12:00am

ONCE again in the past week there have been few completed sales though the Handymax sector still remains very active.

There has been a noticeable increase in China demolition prices where the larger ships are now getting around US$5 more per long tonne lightweight than about a month ago.

In the bulk-carrier market, Wah Kwong is reported to have sold its Handymax Ruth Venture of about 41,502 deadweight tonnes (dwt), built by Nipponkai in 1983, to Great Eastern Shipping, Bombay for $14.8 million, including the balance of the time charter till February 1994 at $8,850 per day.

In the Tweendeckers market, the Hongkong controlled Tweendecker Liheng, of about 9,585 dwt, built by Kurushima in 1972, has been sold to mainland buyers for $950,000.

In the tanker-combination carriers market, mainland buyers are reported to have purchased the oil-bulk-ore (OBO) carrier Vesalius, of about 135,160 dwt, built by Boelwerf in 1983, from Bocimar for $22.5 million.

Two product tankers have been sold at auction in Singapore. The Amphion, of about 22,345 dwt, built by Hitachi in 1973, went for around $1.05 million on an ''as is, where is'' basis to local buyers, and Jubilee, of about 24,293 dwt, built by Espanoles in1972, for around $700,000 though this vessel is likely be towed to China for demolition.

Three Russian-controlled LPG carriers are believed to be sold. The Sigulda, built in 1989 by Meyerwerft, for $23.5 million and the sister vessels Sloka and Skriveri, built in 1990, to Geogas for $24.5 million.

A deal involving the 59,999 dwt Panamax Hoyo is expected to be concluded after Japan's Golden Week holidays to Stelmar. Report supplied by Wallem Shipbroking (Hongkong).