PR Newswire
19 Dec 2022, 13:04 GMT+10
SINGAPORE, Dec. 19, 2022 /PRNewswire/ -- Zhoushan, China-based ship owner Zhejiang Guanghui Marine Shipping Co., Ltd. recently sold a 9-year-old 7,000 DWT product oil tanker to an anonymous buyer from Singapore for US$7.19 million, far higher than the market valuation in the mid-2022, a successful deal made possible with the one-stop maritime eCommerce platform - Marine Online. Sources have said that the company plans to sell an additional seven of its 7,000 DWT product oil tankers in the near future.
In the first nine months of 2022, the number of used vessels changing hands grew exceptionally. According to publicly available data, almost 1,000 vessels found a buyer during the period, including 525 oil tankers. The trading volume of oil tankers grew nearly 40% in the third quarter when compared to the first three months.
The oil tanker market witnessed an exceptional spurt in growth during the second quarter, largely due to the ongoing conflict between Russia and Ukraine. Data from shipping and trade data and intelligence provider Clarksons Research shows that the average lightweight tanker earnings rose to a record single-month high of US$49,685/day in June 2022.
In addition, the number of existing tankers with new owners increased by 40% in the month with the transaction price reaching a 10-year high. Vessel brokerage firm Intermodal highlighted in its latest weekly report that the variety of vessels changing hands during this year's first three quarters of 2022 also expanded to include 1,050-1,100 oil tankers and bulk carriers, totaling almost 85 million DWTs.
Nearly 525 oil tankers and 550 bulk carriers found new owners during the first nine months of the year. When compared with the first quarter, the trading volume of oil tankers in the third quarter increased significantly by some 40%, while that of bulk carriers decreased by almost 30%.
Intermodal broker Mohamed Rabie indicated that the fluctuation in the types of vessels seeking new owners reflected the increased interest among owners in acquiring oil tankers. The ongoing global energy crisis, energy shortages in the European market and the upcoming EU ban on imports of Russian crude oil are leading to the average length of an oil tanker's voyage jumping rather significantly.
Some oil tanker companies said that with the soaring freight rates to transport the fuel, the price of used tankers has risen sharply over the recent six months. In terms of percentage, the growth was the highest seen over the last decade. Since the end of March, the benchmark price of a 47,000 DWT MR ship built 15 years ago has increased by almost 70%. The rising price of second hand oil tankers is supported by the strong tanker shipping market, which is driven by the higher needs for vessels due to the Russia-Ukraine conflict.
About Marine Online (Singapore) Pte Ltd
Marine Online is the world's first one-stop integrated platform specialising in maritime services for the global market. Launched in 2019, it has provided various maritime services through its revolutionary A.I and Big Data enabled platform to regional ship and cargo owners. With its portfolio of 8 major services - bunkering, chartering, crewing, port agency, ship supply, ship for sale, marine and technical services, plus features such as Marine Credit, Global Shipowners Alliance and Authorised Service Provider networks open for registration at Marine Online shapes the future of maritime by using cutting edge technology to create business opportunities and connections. For more information, visit marineonline.com
For media queries, please contact:
Contact : +65 3138 5333
Email : [email protected]
Get a daily dose of Vietnam Tribune news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Vietnam Tribune.
More InformationWASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...
Nearly three months after a devastating earthquake struck Myanmar, the country remains trapped in a deepening crisis, compounded by...
The groups combined GDP is $20 trillion greater than that of the Western bloc, the Russian president has said BRICS has already outstripped...
The summit declaration denounced the recent terrorist attack in Kashmir that triggered a military escalation between India and Pakistan...
Prayagraj (Uttar Pradesh) [India], July 6 (ANI): Former Union Cabinet Minister and senior BJP leader Mukhtar Abbas Naqvi on Sunday...
Rio de Janeiro [Brazil], July 6 (ANI): Prime Minister Narendra Modi, during the 17th BRICS Summit on Sunday, asserted that condemning...
MOSCOW, Russia: This week, Russia became the first country to officially recognize the Taliban as the government of Afghanistan since...
CAIRO, Egypt: This week, both Hamas and Israel shared their views ahead of expected peace talks about a new U.S.-backed ceasefire plan....
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...