21-September-2015
The Italian maritime sector, akin to global maritime enclaves, finds itself in tumultuous waters. Yet, amidst this turbulence, three corporations are distinguishing themselves as key purchasers, while the majority grapple with financial realignments and divestment of assets. During a recent convivial gathering of Shipbrokers and Shipagents in Genoa, Gian Enzo Duci, the esteemed president of Assagenti, commented to Splash, “Italian maritime firms remain resilient, navigating the ebbs and flows characteristic of their ancestral family-run businesses.” Intriguingly, while many abstained from significant investments in new vessels at the market’s zenith, this restraint occasionally hindered their fleet’s expansive capabilities. Gian Enzo Duci elucidates, “In the grand tapestry of Italy’s maritime sector, three renowned titans stand out: Grimaldi Group, d’Amico Group, and Costa Cruises. MSC Group also deserves mention, though headquartered in Geneva, they maintain a pronounced presence in Italy through ventures like MSC le Navi Agency, box terminals, and ferry operations under Snav and Grandi Navi Veloci.” Observing the liquid bulk market, Matteo Tomarchio, an astute tanker broker with Banchero Costa, remarked, “In 2015, Italian maritime firms enjoyed elevated daily rates, not only for product tankers but also for oil carriers in the Mediterranean and most global trades.” With major refineries repositioning and launching in the Middle East, the maritime routes are undergoing significant metamorphosis. “Currently, MR2 tankers exhibit stellar performance, while I foresee LR1 showcasing promising future returns,” Matteo Tomarchio added. Conversely, the visages of dry bulk proprietors bore a melancholic disposition, grappling with plummeting daily charter rates. At a lavish soirée, Michele Bottiglieri, the Chief Executive of Michele Botttiglieri Armatore (MBA), confided, “The market shows feeble signs of rejuvenation, with the BDI languishing below 1,000 points. Persisting in these trying times tests the mettle of many, pushing us to the brink of individualistic survival.” This Neapolitan magnate reiterated his earlier sentiments concerning financial institutions, lamenting their stringent lending policies during opportune market phases. Contradicting this, Francesco Fuselli, Banchero Costa’s Chief Executive and a maestro of ship finance, opined, “While not entirely absent, Italian banks predominantly focus on financial reshuffling over novel investments. Still, they extend credit to robust firms with visionary projects, as evidenced in recent months.” By and large, 2015 witnessed Italian ship magnates predominantly on the selling side, a sentiment echoed by Paolo Cartasegna, a Sales & Purchase broker associated with Genoa Sea Brokers. “An abundance of vessels is available for purchase. However, the market sentiment leans towards pessimism, especially concerning dry bulk, coupled with diminishing scrap rates. It’s a challenging epoch for shipbrokers, both domestically and globally,” Paolo Cartasegna reflected.
20-September-2015
George Procopiou-led Athens-based shipowner and operator Sea Traders SA has expended over $84 million on three (3) kamsarmax bulk carriers and five (5) supramax bulk carriers formerly possessed by Guangdong Lanhai Shipping, which were auctioned off by China Construction Bank. The Chinese shipping company Guangdong Lanhai Shipping collapsed in August 2014, along with its parent company, Guangdong Lanyue Energy. The three (3) kamsarmax bulk carriers and five (5) supramax bulk carriers, all classified and flagged in China, have been in warm lay-up for 14 to 15 months at different Chinese ports, with crews on board. George Procopiou-led Athens-based shipowner and operator Sea Traders SA was purportedly the sole bidder in the China Construction Bank’s sale. The exact prices paid for each vessel are yet to be confirmed. 2011 built kamsarmax bulk carrier 79K DWT MV Lan Hai Zhao Yang, 2011 built kamsarmax bulk carrier 79K DWT MV Lan Hai Xu Ri, and 2011 built kamsarmax bulk carrier 79K DWT MV Lan Hai Yang Guang reportedly had a reserve price of $9.4 million each. 2011 built kamsarmax bulk carrier 79K DWT MV Lan Hai Zhao Yang, 2011 built kamsarmax bulk carrier 79K DWT MV Lan Hai Xu Ri, and 2011 built kamsarmax bulk carrier 79K DWT MV Lan Hai Yang Guang were constructed at Wujiazui Shipyard. 2011 built supramax bulk carrier 57K DWT MV Lan Hai Ying Xin, 2011 built supramax bulk carrier 57K DWT MV Lan Hai Lian He, and 2011 built supramax bulk carrier 57K DWT MV Lan Hai Qian Jin had a reserve price of $8.6 million each. 2010 built supramax bulk carrier 57K DWT MV Lan Hai Yang Fan, and 2010 built supramax bulk carrier 57K DWT MV Lan Hai Dong Feng had a reserve price of $7 million each. All five supramax bulk carriers were constructed at the Yangfang Shipyard in China. It is remarkable sale as non-Chinese shipowners rarely succeed in the inflexible system of Chinese maritime auctions. The bank attempted to auction off six of Lanhai’s bulk carriers in November and December of the previous year, but the ships remained unsold. Besides Sea Traders SA, the Procopiou family, who also oversees Dynacom Tankers Management and Dynagas.