50yrs old ship going to scrap, a page has been turned

Today’s report is all up and down not to say messy. To start with you’re reading Thursdays 21st july comments and we can easily agree 6.30pm while editing this, means you read it probably in the 22nd july to start your day. Good morning then, take your coffee, with or without milk and enjoy the reading.

To keep up taking things by the tail, let’s start with the end of the BMTI report and the S&P report, mv ‘ALGOMA NAVIGATOR’ Built 1967 finally went to scrap in turkey, she was under Canadian flag, on can find out some nice pictures of her on Marinetraffic.

1967 built! if you’re asking me, I think it’s bit sad that owners decided to get rid off the ship 6 months before she turned 50yrs old. Anyway, I want to salute the last master who took the responsibility of this ship. Rumor on the market says owners decided to scrap her as they could not find coal at ports anymore to run the engine.

When Tufton oceanic is deciding to spend USD75Mio for 7 supras, Manchester United is rumored being ready to spend something like USD120Mio for the soccer player Paul Pogba.

Being curious by nature I went on www.tuftonoceanic.com and was very happy to read their CORPORATE STATEMENT “Tufton Oceanic is committed to being the pre-eminent fund manager for investors in the Maritime, Energy related and the wider global transportation and infrastructure sectors. We offer innovative, solution oriented investment advisory services within our core areas of expertise.” 7 supras,with average age being 10 years, and price averaging each US 10.7Mio the investment advisory is to be put in perspective with the Maple Grove 53kdwat blt 06 Japanese construction being sold to Bengladeshi buyers at USD7.8Mio. The 7 new acquisitions paid en bloc by tufton Oceanic seems bit high but obviously the sense out of this deal is to be seen in the details which i don’t have. Still on Tufton website I also found out the fund is managed by Greek fellows, a shortcut would be to say than even when the buyers of second hands ladies are not greeks, greeks are not that far for sure.

You being curious by nature I let you go on ManU website to find out their corporate statement… probably something looking like “our aim is to make a better world”

On the chartering market the owners’s confidence is starting to dull, one of the signs showing such is when we have owners’ brokers, with whom we mainly exchange circulars only, calling us to check what we can propose for the lady open here or there. Or calling on a specific cargo, on which their ship is too small/big/early/late/old (tick the one you want) and willing to have some sort of guidance on what charterers are seeing and aiming for, for the purpose of running some estimates. Unfortunately this does not prevent owners not standing behind their words and escaping themselves under a skype/phone firm nego because a desperate charterers finally decided to accept owners last in a moment of panic.

Today’s is a free of tce/voyage figures report as you’ll receive this one in the morning, I like to believe it’s good to start the day with a blank page when it comes to numbers.

have a lovely day and should you need some dedicated tce/voyage estimates please call. We’ll do it with pleasure and as accuratly as we believe it shall be, eventhough as said by a friend earlier this Thursday: “should running tce/voyage estimation be something simple, the brokers would have been replaced by computers a long time ago already”… maybe not in 1967, but few days after.

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