Shipowners fight against further decreases of secondhand-ship prices and keep arguing over Eco ship, while fuel efficiency takes control of shipping and secondhand ship market.
Analyst Park Mu-Hyun of E*Trade Securities said "Once shipowners approve Eco-ship capacity, values of existing secondhand vessels will plummet" and explained "But already market has leaned toward fuel efficiency and prices of secondhand vessels are declining."
He added that if more Eco ships are delivered, values of secondhand vessels will see a bigger fall.
Scorpio Tankers immediately disposed of its existing vessels after delivery of Eco product carrier from Hyundai Mipo Dockyard in mid 2012 and Norden sold a pair of kamsarmaxes delivered in 2011 and 2012, Park said.
He added that shipowners are in a hurry to sell existing vessels with poorer efficiency.
He said that although overall S&P activity is declining, proportion of S&Ps of those under ages of 20 years has sharply increased up to around 75%.
Average ages of secondhand vessels in 2012 dropped by two years against last year to 17 years.
Published : November 21, 2012
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