’91 Vessel Prices Like a Good ’88

The end of the Gulf War and unseasonally strong freight rates for dry bulk ships are fueling increased interest in second-hand dry tonnage.

E.A. Gibson Shipbrokers says in a recent report that there have been “numerous low capital bulker sales, though the improving long term view is producing sales of modern handymax bulkers and creating substantial interest in modern panamaxes, which are considered by many to be the rare animals of the future.”

A US-based owner Marine Money spoke with says handy-size bulkers built in the mid-70′s have appreciated in value perhaps 10 to 14 percent in last two or three months on deals concluded. Three 1977-built bulkers with capacities between 20,450 and 23,791 dwt – the Ionian Sailor, Elaine, and Masashima – sold between $4.5 million and $4.8 million in April.

Because of the strong dry cargo market, Panamax bulker sales have been stimulated, with used ships looking attractive when compared to the price of newbuildings. Four Brazilian-built panamax bulkers, the Gulf Grain, Gulf Steel, El Amaan, and El Aalim – all built in 1982 and 1983 – were ships were recently sold to Suisse Atlantique for a total of $56 million.

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