The S&P market has slowed down over the past few days, as a result of the uncertainty created from the USTR proposal, with owners reluctant to commit to new deals. In its latest weekly report, shipbroker Xclusiv said that “the USTR proposal seems to have affected S&P activity y-t-d, as weekly data reveals a decrease in the volume of transactions involving Chinese-built vessels. So far this year, a total of 220 bulk carrier vessels (>= 10,000 DWT) have found new ownership. Of these, 56% were Japanese vessels, while the share of Chinese-built vessels was 32%, a significant reduction compared to the same period in 2024 when 42% of total bulk carrier sales were Chinese-built vessels. This week, Chinese buyers acquired the Capesize “China Progress” – 174K/2006 SWS for USD 17.5 mills. On the Kamsarmax sector, the “Shun Fu Da” – 82K/2006 Tsuneishi was sold for USD 11.4 mills. 2x Ultramax vessels, the “Maplegate” – 63K/2019 Iwagi and the “Oakgate” – 60K/2018 Oshima were sold enbloc to Indonesian buyers for USD 62-63 mills basis buyer’s being awarded a tender. On the same sector, the “Amis Wisdom III” – 62K/2011 Shin Kasado was sold for USD 17.5 mills to Chinese buyers, while the Supramax “Equinox Seas” – 52K/2003 Brodosplit was also sold to Chinese buyers for USD 8.5 mills. Finally, the Handysize “IVS Magpie”- 28K/2011 Imabari changed hands for USD 10.2 mills”.
In the tanker market, Xclusiv added that “mirroring the trend in dry bulk S&P activity, fewer Chinese-built vessels have changed hands in the tanker sector this year. Of the 103 vessels (>= 10,000 DWT) sold since the start of the year, South Korean-built vessels account for the largest share at 52%. Chinese-built and Japanese-built vessels each hold a 22% share, a significant drop from the 42% share held by Chinese-built vessels during the corresponding period of 2024. This week, the VLCC “Eurohope” – 307K/2007 Daewoo was sold for USD 46.25 mills to Chinese buyers.
The Aframax “P. Sophia”- 105K/2009 HHI changed hands for USD 36.05 mills basis delivery within maximum of 120 days. On the MR2 sector, the “Dai An” – 51K/2007 Shin Kurushima was sold to Vietnamese buyers for USD 14.75 mills basis extremely prompt delivery with DD immediately due. Last but not least, the “Songa Kari” – 13K/2008 21St Century found new owners for USD11 mills”, the shipbroker concluded.
Meanwhile, in the newbuilding market, shipbroker Intermodal said that “last week’s activity comprised six orders for bulkers, chemical tankers, one LNG bunkering unit, RO/Pax and OSVs. In the dry sector, the Singaporean YZJ Financial agreed with the Chinese Jingjiang Nanyang, for the construction of a quartet of 40k dwt bulk carriers, at $30m each, with estimated delivery in 2027- 2028. Moving to tankers, Jaldhi Overseas from Singapore as well, placed two orders to the Japanese yards Asakawa and Fukuoka for stainless steel chemical tankers, two units of 26k dwt to Asakawa and one 20k dwt vessel to Fukuoka, with estimated deliveries in 2027-2028.
The gas segment saw one order, by the Belgian Somtrans to the Chinese CIMC Sinopacific Offshore for the construction of a 20k cbm LNG bunkering unit, to be delivered in 2027. In the Ro/Pax sector, the Italian Grimaldi group signed a contract with CMI Weihai from China, for a $1.3 bn order for nine dual-fuel methanol RO/Pax vessels, scrubber fitted, with delivery scheduled for 2028-2030. Finally, regarding offshore, the UK owner Sentinel Marine ordered to the Chinese Jiangmen Hantong, one OSV with option for another three and delivery slated for 2027”, the shipbroker concluded.
