Spooked buyers pull back

Economic fears have put the brakes on sale-and-purchase activity.

Fears over the direction of shipping markets and the global economy hit sale and purchase activity in July.

Both bulker and tanker sales were stunted in July as falling rates and wider fears about the global economy hit home.

Only 57 dry-cargo ships, including 29 bulk carriers, changed hands last month, compared with 81 in June, according to figures from N Cotzias.

“Greek buyers have calmed down and the frenzy of June was greatly subdued,” the broker said.

“It seems that someone sent Peter G on Holiday without his 3G mobile,” it added. The New York-based shipowner was the driving force which helped Greek buyers overtake China for the first time in over a year last month.

Greeks still top the dry-cargo buying league with 151 ships in the first seven months of 2010, ahead of China with 130.

Tanker sales numbers snuck up from a year’s low of 18 in June to 21 last month, but the figure is swayed by Navios Acquisition’s seven strong VLCC swoop.

“The overall world economic instability and uncertainty has definitely hit the buying appetite of the tanker market players too,” Cotzias said.

Greeks remain the largest buyers of tankers snapping up 40 so far this year. Norway and the US share second spot with 14 each. 

Reposted FromTradewinds

Published: 08:52 GMT, 03 Aug 10 | updated: 13:13 GMT, 03 Aug 10