Pessimism hits market

PUBLISHED : Wednesday, 24 November, 1993, 12:00am
UPDATED : Wednesday, 24 November, 1993, 12:00am

THE dry market has a pessimistic air about it and a very cautious approach from buyers has become apparent in the second-hand ship market.

Sellers keen to make a deal have been forced to cut losses and sell below original expectations, according to Wallen Shipbrokers (Hong Kong).

The sale of a Dreyfus 1982-built Panamax bears testament to this, and the deal appears certain to have repercussions throughout the market.

In the tanker market, there were few sales reported, however the ratio of inspections to vessels remains high.

Sanko sold two vessels during the week - the ore-oiler La Plata Maru (169,584 deadweight tonnes), built by Mitsubishi in 1977, to Pegasus for US$9 million and the Aframax Mint Prosperity (90,855 dwt), built by Kasado in 1974, to Polembros for more than $41 million.

The NYK-controlled Capesize Sabina (145,177 dwt), built by Nippon Kokan in 1982, has been sold to Tsakos for $16 million, a firm level considering the tone of the market.

Neptune Orient Lines, Singapore has sold the Neptune Sheraton (37,636 dwt) to Far Eastern buyers for $11 million.